Existing Home Sales Up In August

Existing home sales in August reached their highest volume in 6 years according to a report by the National Association of Realtors. Single-family homes, townhomes, and condos rose 1.7% in August to a seasonally adjusted annual rate of 5.48 million, which represents the fastest pace since February of 2007. Industry analysts are expecting sales to be uneven in the coming months due to factors like rising interest rates, tight inventory, and restrictive lending standards. The housing market also saw an increase to $212,000 in the national median price for existing homes in the month of August. That is an almost 15% year-over-year increase from August 2012, and it is the largest year to year jump since October 2005. To read more visit the Triangle Business Journal.

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