saw another increase in the trend of existing home sales but a bit of
slippage in new sales, but both existing and new activity was up
considerably (existing +9.3% and new sales +27%) from August
Existing-home sales continued to improve in August and the national
median price rose on a year-over-year basis for the sixth straight month,
according to the National Association of Realtors®.
Total existing-home sales, which are completed transactions that include
single-family homes, townhomes, condominiums and co-ops, rose 7.8
percent to a seasonally adjusted annual rate of 4.82 million in August
from 4.47 million in July, and are 9.3 percent higher than the 4.41
million-unit level in August 2011.
Lawrence Yun , NAR chief economist, said favorable buying conditions
get the credit. “The housing market is steadily recovering with consistent
increases in both home sales and median prices. More buyers are taking
advantage of excellent housing affordability conditions,” he said.
“Inventories in many parts of the country are broadly balanced, favoring
neither sellers nor buyers. However, the West and Florida markets are
experiencing inventory shortages, which are placing pressure on prices.”
The national median existing-home price2 for all housing types was
$187,400 in August, up 9.5 percent from a year ago. The last time there
were six back-to-back monthly price increases from a year earlier was
from December 2005 to May 2006. The August increase was the strongest
since January 2006 when the median price rose 10.2 percent from a year
In new home activity, sales of new single-family houses in August 2012
were at a seasonally adjusted annual rate of 373,000, according to
estimates released jointly on September 26th by the U.S. Census Bureau
and the Department of Housing and Urban Development. This is 0.3 percent
(±9.3%) below the revised July rate of 374,000, but is 27.7 percent (±18.8%)
above the August 2011 estimate of 292,000.
The median sales price of new houses sold in August 2012 was $256,900;
the average sales price was $295,300. The seasonally adjusted estimate
of new houses for sale at the end of August was 141,000. This represents
a supply of 4.5 months at the current sales rate.