Home Sales Up 4.5 Percent in April
So says the National Association of Realtors. And this is why people are now talking about the housing "bubble" going pop.

Sales of existing homes rose 4.5 percent in April to the highest sales pace on record as low mortgage rates continued to fuel a housing boom, a national trade group reported Tuesday. The National Association of Realtors reported that sales of single-family homes and condominiums climbed to a seasonally adjusted annual rate of 7.18 million units last month, the fastest pace on record. The increase was far above the small 0.2 percent advance that had been expected and was credited to further declines in mortgage rates. The strength in sales last month was accompanied by further upward pressure on home prices. The median price for an existing home sold last month rose to a record $206,000, up 15.1 percent over the median price a year ago. That represented the biggest 12-month gain in home sales prices since November 1980 and was certain to add to concerns that the housing industry could be experiencing a speculative bubble similar to the stock market bubble which popped in the spring of 2000.