The WSJ notes that real estate sales increased at a record pace in June. The increase was in both value and in the number of closings.

The National Association of Realtors reported Monday that existing homes were sold at a seasonally adjusted annual rate of 7.33 million units last month, a gain of 2.7% from the May sales pace. The torrid sales pace helped to push the median price of an existing home up to a record of $219,000 last month, a gain of 14.7% from the median, or midpoint, for prices a year ago. It was the biggest jump in prices since November 1980.