Existing-Home Sales Rise 1.7% to an annual rate of 5.48 million in August, to the highest level in over 6 years; Limited Inventory Continues to Push Prices. The median price for all housing types was $212,100 in August, up 14.7% from August 2012, and the strongest year-over-year price gain since October 2005. Total housing inventory at the end of August increased 0.4 percent to 2.25 million existing homes available for sale, which represents a 4.9-month supply2 at the current sales pace, down from a 5.0-month supply in July. The NAR chief economist said the market may be experiencing a temporary peak. “Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,” he said. “Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.”
Posted on: Thu, 19 Sep 2013 15:52:44 +0000
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