The following information is from a news release from the National Association of Realtors:
Existing home sales increased in August and reached the highest level in six and a half years, while the median price shows nine consecutive months of double-digit year over year increases.
Sales are at the highest pace since February 2007, when they hit 5.79 million, and have remained above year-ago levels for the past 26 months.
National Association of Realtors President, Gary Thomas said, rising home values will encourage more people to sell. "As the equity position of most homeowners continues to improve, some who have been on the sidelines will list their home for sale," he said. "Most of those owners also will be buying another home, but higher levels of new home construction going into 2014, combined with some reduction in demand from less favorable affordability conditions, will help to moderate price growth to more sustainable levels."
The median time on market for all homes was 43 days in August, but is much faster than the 70 days on market in August 2012. First-time buyers accounted for 28 percent of purchases in August. Existing home sales in the Midwest increased 3.1 percent in August to a pace of 1.32 million, and are 18.9 percent higher than a year ago. The median price in the Midwest was $166,100 which is 10.0 percent about August 2012.
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