Share this article!

The median sales price of an existing home grew 23.6% annually in May to a record $350,300, according to data released Tuesday.

The National Association of Realtors reported that the median sale price of a home in May rose at the greatest year-over-year pace since at least 1999, up from $283,500 last year and $340,600 in April. The price increase comes as high buyer demand and scarce homes for sale have fueled a highly competitive housing market.