Industry News

Real estate sales approach record level in August

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Total existing-home sales increased 2 percent in August, to reach the second-highest pace on record, the National Association of Realtors announced today.   Existing-home sales, including single-family, town homes, condominiums and co-ops, reached a seasonally adjusted annual rate of 7.29 million in August from a pace of 7.15 million in July. Sales were 7.8 percent higher than the 6.76 million-unit pace in August 2004 – the record was 7.35 million in June of this year.   The seasonally adjusted annual rate represents a monthly sales total projected over an entire year, accounting for seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns, the association noted.   David Lereah, the association's chief economist, said, "With a general background of growing population and favorable affordability conditions, home...