Home prices hold steady in August

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The median price of homes for sale on realtor.com held steady at $199,900 in August from July, but were up 6.39 percent from August 2012, according to a monthly real estate trends report from realtor.com.

Inventory stood at 1.98 million in August, a 2.5 percent dip from a year ago and a 0.93 percent increase from July’s number, realtor.com data showed.

Homes were on the market for a median of 92 days in August, down 8 percent from a year ago, but up 8.24 percent from July.

“Where we have seen significant volatility in many markets, including double-digit declines in inventory as well as increases in median price for both yearly and monthly views, we are now looking at a housing market that much more closely resembles ‘normal,’ ” said Steve Berkowitz, CEO of realtor.com operator Move Inc., in a statement.

Source: realtor.com