WASHINGTON — Existing home sales rose 1.7% to a seasonally adjusted 5.48 million-unit rate in August from a unrevised 5.39 million pace the previous month, the National Association of Realtors announced Thursday.
The August sales rate was stronger than the median estimate of economists polled by Thomson Reuters, who predicted a 5.250 million rate. It was the highest since February 2007, NAR Chief Economic Lawrence Yun said.
The rate is a 13.2% increase from August 2012. The sales rate has now been above the previous year levels for 26 months, Yun said.
Sales were unchanged in the Northeast, increased 3.1% in the Midwest, increased 3.8% in the South and decreased 2.3% in the West.
The median sales price stood at $212,100 in August, an 0.1% decline from the previous month and a 14.7% increase from a year ago.
Housing inventory levels rose 0.4% from the previous month to 2.25 million existing homes, representing a 4.9-month supply at the current pace. Inventory was down 6% from the August 2012 level, when it was a 6.0-month supply.
