NEW YORK, NY January 25, 2005 —The sales of existing homes climbed to an all-time high in 2004. The National Association of Realtors says sales of previously owned homes rose 9.4 percent, to 6.6 million units last year. The median price of those homes climbed to a little over $184,000, up 8.3 percent from 2003. The association says that's the fastest rise in 24 years.

Sales of new homes are also expected to set a record when the government releases December data next Monday.

Some analysts are predicting the housing market will cool off a bit this year, as mortgage rates rise, but others say there's no sign of a downturn, and one economist for the realtors association expects 2005 to be the second-best year on record for the housing market.