Existing-home sales were up strongly in August, surging 7.8% on a monthly basis to a seasonally adjusted annual rate of 4.82 million units, according to data released today by the National Association of Realtors (NAR). Year-over-year, sales were up 9.3%.
Single-family homes were up 8.0%, while condo and co-op sales gained 6.1%, and improvement was seen in all regions.
The reading was the best seen since May 2010, when numbers were still being influenced by the home buyer tax credit. Even beyond sales, August's report had plenty of other good news as well: Inventory was down—slipping to a 6.1 months’ supply—and prices were up dramatically. Among single-family homes, the average and median prices increased 7.5% and 10.2%, respectively, compared to year-ago levels.
Claire Easley is a senior editor at Builder.