Existing home sales jumped 1.3% in August to a seasonally adjusted annual rate of 5.49 million, the National Association of Realtors (NAR) reports. Sales are up 2.6% year-over-year.
The increase pushed existing home sales to a 17-month high, according to CNBC.
The growth parallels a significant jump in housing starts, which reached a 12-year high in August. NAR Chief Economist Lawrence Yun credited the sales growth to falling mortgage rates.
Regionally, existing home sales increased 7.6% in the Northeast; 3.1% in the Midwest; and 0.9% in the South. The West had a sales decline of 3.4%.
The median existing home price grew 4.7% year-over-year in August to $278,200, marking the 90th consecutive month of annual price gains.
The full NAR report can be found here.
