Home sales are up

Posted at 7:28 PM, May 24, 2016
and last updated 2016-05-24 19:28:36-04

If you see a "For Sale" sign in font of a house on your street chances are you aren't seeing it for very long.

Homes nationwide were selling at a record level last month.

New home sales were up a whopping 16-point-six percent.

Existing home sales which make up about 90 percent of the housing market rose to an annual pace of about five and a half million.

A steady mix of job gains and historically low mortgage rates are being credited for the hot housing market.