Existing home sales rose 1.7 percent to 5.48 million in August, reaching the highest level in six-and-a-half-years, according to the National Association of Realtors. Sales have also remained above year-ago levels for the past 48 months.
The national median existing-home price in August was $212,100, up 14.7 percent from August 2012. It marks the 18th consecutive month of year-over-year price increases. In August, 17 percent of all homes sold above the asking price, while 63 percent sold for less than asking.
Total housing inventory at the end of August increased 0.4 percent to 2.25 million homes available for sale, representing a 4.9-month supply at the current sales pace. The supply is down from a 5.0-month supply in July.
"Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions," said Lawrence Yun, NAR chief economist, in a statement. "Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn't as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase."
