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9/22, 4:00 PM (Source: TeleTrader)
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US existing home sales up 10.5% YoY in August

National Association of Realtors (NAR) announced on Tuesday the existing home sales in the United States grew 10.5% in August compared to the same period last year, with the completed transactions on a seasonally-adjusted annual rate amounting to 6 million.

On a monthly basis, the sales increased 2.4% versus July. The median existing-home price in August was up 11.4% year-over-year to $310,600. Total housing inventory at the end of the month stood at 1.49 million units, down 18.6% per annum.

"Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market. Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery," Lawrence Yun, NAR's chief economist, said in the press release.

Breaking the News / MD