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Existing Sales Advance, Prices Pause
Stephen Melman / NAHB / September 19, 2013
Existing home sales increased 1.7% in August, and were up 13.2% from the same period a year ago to the highest level since February 2007. The National Association of Realtors (NAR) reported that August 2013 total existing home sales were at a seasonally adjusted rate of 5.48 million units combined for single-family homes, townhomes, condominiums and co-ops. That compares to 5.39 million units in July, and 4.84 million units during the same period a year ago. The South and Midwest increased 3.8% and 3.1% respectively, while the Northeast remained flat and the West decreased 2.3% from last month. All regions were up from a year ago: 18.9% in the Midwest, 13.5% in the South, 12.7% in the Northeast and 7.7% in the West.
The August 2013 level of single-family existing sales increased 1.7% from July to a seasonally adjusted 4.84 million sales, which was up 12.8% from the same month a year ago. Seasonally adjusted condominium and co-op sales were up 1.6% in August to a seasonally adjusted 640,000 units, and were up 16.4% from the same period a year ago.
The total housing inventory at the end of August increased 0.4% from the previous month to 2.25 million existing homes for sale. At the current sales rate, the August 2013 inventory represents a 4.9-month supply compared to a 5.0-month supply in July, and a 6.0-month supply of homes a year ago. NAR also reported that the August median time on market for all homes was 43 days, up slightly from 42 days in July but down from 70 days during the same month a year ago. NAR reported that 43% of all homes sold in August were on the market less than a month.