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Existing-Home Sales Improve in August


Latest News > Industry News

September 23 — U.S. sales of existing homes—including single-family homes, townhouses, condos and co-ops—grew by 7.6% in August from a month earlier, reported the National Association of Realtors (NAR) today.

August sales were at a seasonally-adjusted rate of 4.13 million, up from 3.84 million in July. Sales in August remained 19% below the year-earlier pace.

"The housing market is trying to recover on its own power without the home buyer tax credit," explained Lawrence Yun, NAR chief economist. "Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty."

The national median existing-home price for all housing types was $178,600 in August, up 0.8% from a year earlier.

Total housing inventory at the end of August dropped 0.6% to 3.98 million existing homes, an 11.6-month supply at the current rate of sales. The inventory represented a 12.5-month supply at the end of July.

Read the complete NAR news release.