Thursday, August 21, 2014

Existing Home Sales Continued Upward Trend in July

Existing home sales increased for the fourth consecutive month in July, to an annualized pace of 5.15 million units. July’s pace is 2.4% above a revised June. July’s pace is the first time sales surpassed 5.1 million since October 2013. Total sales are down by 4.3% compared to year-ago levels.

Three of the four regions saw growth, while the Northeast remained stagnant. The South saw the largest improvement and grew 3.4% from the month prior. Compared to year ago levels, all regions are down aside from the South.

The market supply remained the same as the prior two months, at 5.5 months.

The median house price increased to $222,900, the highest median price in at least a year. Moreover, the median price increased 4.9% over year ago level and is the 29th consecutive month of year-over-year price gains. However, growth from a year ago is slowing the pace of growth, indicating a market returning to normal. The proportion of distressed sales dropped to 9%, the first time distressed sales entered single digits since the NAR started tracking distress sales in October 2008.

Read the NAR release.

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