Despite economic issues and weather problems, Existing Home Sales for August rose 7.7 percent. The NAR report released yesterday revealed that August Sales were also up 18.6 percent above August 2010. Sale prices were down 5.1 percent from last year. Inventory fell 3.0 percent from July, and now represents an 8.5-month supply.
"Improvement in August may be the result of sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations," said NAR Chief Economist Lawrence Yun.
Read the entire NAR press release.
Note: The August RE/MAX National Housing Report was released September 16, and like the NAR survey it shows home sales up an impressive 18 percent from last year. And sale prices were reported to be similar to the NAR data, down 3.6 percent from August 2010.
| August 2011 Existing Home Sales | ||||
| August 2011 | July 2011 | 1 Mo Diff | 1 Yr Diff | |
| National | 5.03M | 4.67M | +7.7% | +18.6% |
| Northeast | 770K | 750K | +2.7% | +10% |
| Midwest | 1.09M | 1.05M | +3.8% | +26.7% |
| South | 1.94M | 1.84M | +5.4% | +16.9% |
| West | 1.23M | 1.04M | +18.3% | +20.6% |
1. August Inventory: 3.58M = 3.0% down from July
2. Months Supply: 8.5 months, down from 9.5 months in July
August Practitioner Survey:
1. Distressed properties made up 31% of all sales (up from 29% in July)
2. First-time buyers purchased 32% of homes (unchanged from July)
3. Investors accounted for 22% of all sales (up from 18% in July)
4. All-cash deals comprised 29% of all sales (unchanged from July)
Mortgage Rates:
1. August 2011 = 4.27%
2. July 2011 = 4.55%
3. June 2011 = 4.51%
4. August 2010 = 4.43%
(National average commitment rate from Freddie Mac)
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