Home Sales Rebound
Home sales rebound by 7 percent across the nation. Sales of existing U.S. homes rebound and are above an upwardly revised figure for July.
In fact, most sales of single-family homes, townhouses, condominiums and co-ops rose 7.6 percent compared to July, when sales on a seasonally adjusted annual rate reached 3.84 million housing units, 100,000 more than previously reported, the National Association of Realtors said.
For August, the annual sales rate reached 4.13 million, NAR said.
The increase beat the consensus forecast, which called for an upswing of 7.1 percent.
NAR Chief Economist Lawrence Yun said, “Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs.”
“Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own,” he said in a statement, adding, “Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty.”
The national median existing-home price in August rose 0.8 percent to $178,600, compared to August 2009.
At the end of the month, 3.98 million existing homes were on the market, a 0.6 percent increase over July. NAR said it would take 11.6 months to sell those homes at the current pace of sales, down from a 12.5-month supply a month ago.