House Sales Climbed 4.5% to a Record 7.18 Million Units

House sales climbed 4.5% to a record 7.18 million units (annualized) and the price of a median single family home jumped by 15% per cent over the year according to data released today.

[“The fact that so many people are opting for adjustable rate mortgages when 30-year rates are still so low is a very worrying sign,” said Ian Morris, US economist at HSBC. “As rates move higher this will squeeze a lot of people as their adjustable rate mortgages are reset.”]