September 19, 2012
Existing U.S. Home Sales Pace Hits Two-Year High In August
The pace of seasonally adjusted existing-home sales in the U.S. increased 7.8 percent from 4.47 million in July to a 4.82 million pace in August, up 9.3 percent from the 4.41 million unit pace recorded in August 2011.
Total housing inventory at the end of July increased 2.9 percent to 2.47 million existing homes actively on the market, a 6.1 month supply, down from a 6.4 month supply in July and an 8.2 month supply in August 2011.
The median sale price for existing-homes ticked up a nominal 0.1 percent in July to $187,400, up 9.5 percent year-over-year as distressed sales accounted for 22 percent of sales volume, down two points from July, down nine points versus August 2011.
Existing-home sales in the west increased 8.3 percent from July to August, up 8.3 percent year-over-year with a median sales price that's up 16.3 percent year-over-year, driven by more sales at the upper end of the market.
∙ August Existing-Home Sales and Prices Rise [realtor.org]
∙ Existing U.S. Home Sales Tick Up As Median Ticks Down In July [SocketSite]
∙ August San Francisco Home Sales Highest Since 2006 [SocketSite]
First Published: September 19, 2012 8:15 AM