August Existing Home Sales Jump

24/7 Wall St.

The National Association of Realtors (NAR) reported this morning that existing home sales rose by 7.8% to a seasonally adjusted annual rate of 4.82 million units in August, compared with 4.47 million units in July. Analysts had been expecting a rise to 4.6 million units.

Total housing inventory stood at 2.47 million existing homes at the end of August, up 2.9% from 2.4 million in July. The total represents a 6.1-month supply at the pace of sales. Last July the inventory stood at a 8.2-month supply.

Distressed sales accounted for 22% of August sales, a 31% decrease from August 2011 and down 24% month-over-month. Foreclosed properties sold for a discount of 19% in August, and short sales were discounted 13%.

The nationwide median price for an existing home sale was $187,400, up 9.5% from August 2011, but just $100 higher than July 2012. Still, the monthly increase year-over-year was the…

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