By Diana Olick | CNBC.com
It’s been an impressive stretch for housing sales. More than five million homes were sold in May – more than 4 percent in just one month. The national median sale price for an existing home was $208,000 – more than 15 percent from a year ago. The market is so hot that sometimes 50 offers are made on a home.
But some predict another bubble, and the National Association of Realtors is calling it “unsustainable.”
“Some of the increases can be explained by the fact that it is recovering from an over-corrected situation,” said Lawrence Yun, chief economist for the Realtors. “But with people’s income rising at only 1 or 2 percent and prices rising in double digits, it cannot continue.”
