BrokerageIndustry News

Home sales, price gains build momentum in August

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Sales of existing homes were up 7.8 percent from July to August to a seasonally adjusted annual rate of 4.82 million, helping boost the national median home price for the sixth month in a row, the National Association of Realtors said today.  Looking back a year, home sales increased 9.3 percent in August. At $187,400, the national median price for all housing types including single-family homes, townhomes, condominiums and co-ops was up 9.5 percent from a year ago.NAR is now forecasting that despite tight credit conditions, 2012 home sales will be up 8 to 10 percent from last year. If most qualified buyers could obtain financing, NAR projects home sales would be about 10 to 15 percent stronger. "The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is (a) testament to the sizable stored-up housing demand that accumulated in the past five years," said Lawrence Yun, NAR's chief economist, in a statement. &quo...