Industry NewsMarkets & Economy

Real estate sales continue rise in August

CHARTS: National median price drops 5.1%
Published on Sep 21, 2011

After a double-digit, year-over-year jump in sales in July, existing-home sales continued to post increases in August, according to the latest monthly report from the National Association of Realtors. Sales of existing single-family, townhomes, condominiums and co-ops in August rose 18.6 percent from a year ago to a seasonally adjusted annual rate of 5.03 million. Sales also rose on a monthly basis, up 7.7 percent from an upwardly revised 4.67 million in July. Unsold inventory fell 3 percent in August to 3.58 million -- an 8.5-month supply at the current sales pace. "Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations," said Lawrence Yun, NAR's chief economist, in a statement. "Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.&qu...

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