Existing-home sales rose in August for the third consecutive month while the median price paid for a house increased for the sixth straight month, according to new figures compiled by the National Association of Realtors.
NAR reported Wednesday that sales jumped 7.8% in August following a 2.3% increase in July.
“The housing market is steadily recovering with consistent increases in home sales and median prices,” said NAR chief economist Lawrence Yun. The national median existing home price was $187,400 in August, up 9.5% from a year ago.
The trade group reported that sales of existing single-family homes, condominiums and cooperatives rose to a 4.82 million seasonally adjusted annual rate in August from a 4.47 million rate in July. Overall, sales are up 9.3% from a year ago.
Distressed transactions accounted for 22% of August sales—12% were foreclosure sales and 10% short sales. Distressed sales were 24% in July and 31% in August 2011. Cash sales represented 27% of all transactions in August, unchanged from the prior a month.
Realtors continue to complain that mortgage credit is too tight, holding back the housing market and the economic recovery. “If most of the financially qualified buyers could obtain financing, home sales would be about 10% to 15% stronger, and the related economic activity would create several hundred thousand jobs over the period of a year,” said
