Existing-Home Sales Bounce Back
After declining in July and left to smolder, Existing-home sales again caught fire in August. The National Association of REALTORS® reported sales increased 2% in August to a seasonally adjusted annual rate of 7.29 million…up from 7.15 million in July:
David Lereah, NAR’s chief economist, said the fundamental factors for housing remain positive. “With a general background of growing population and favorable affordability conditions, home sales are staying at very healthy levels,” he said. “Housing inventory improved in August but remains tight, and we have some way to go before we get into a range of balance between home buyers and sellers. As a result, we’ll continue to see above-normal home price appreciation for the foreseeable future.”
Existing-Home Sales Rise [NAR]