Existing Home Sales Strong in August

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Housing Update: Existing Home Sales

The National Association of Realtors reports that Existing Home Sales for the month of August rose by 7.8%.

Sales were reported at an annualized rate of 4.82 million units, which was above the estimate for a rate of 4.57 million units and last month’s 4.47 million.

Median prices of all homes are up +9.5% on a year-over-year level.

The report also notes that there is a 6.1 month supply of homes on the market vs. 6.6 month supply last month and 6.4 the month prior.

Stocks have moved higher in response as analysts see this report as an indication that the housing market is beginning to see real improvement.

Other stories on the US Economy to review:

• Housing Starts Up in August, Permits Lower
  
• Homebuilder Confidence Up Again in Sept
  
• UofM Sentiment Surprises to Upside
  
• Industrial Production, Capacity Utilization Decline in August
  
• Retail Sales Improve In August
  
• CPI - Inflation In Line With Consensus
  
• PPI Hotter Than Expected in August
  
• Jobs Report Disappionts in August
  
• ADP Employment Surprises to the Upside Again in August
  
• Challenger Planned Job Cuts Hit 20-Month Low
  
• U.S. Productivity Improves, Labor Costs Steady
  
• Big Miss: Construction Spending Dives
  
• ISM Manufacturing Remains Weak in August
  
• Personal Income and Spending Rise in July
  
• Pending Home Sales Improve in July
  
• Q2 GDP Revision Shows Economy Grew at 1.7% Rate
  
• Orders for Durable Goods Up Again in July
  
• LEI Above Expectations in July
  
• Philly Fed Index Upticks but is below Zero Again
  
• Empire Manufacturing Dives in August

 

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