- Existing home sales in the US jumped 7.8% to 4.82 million annualized units in August 2012. Market expectations were for a modest increase to 4.56 million in the month.
- The median price of existing homes jumped 9.5% on a year-over-year basis as the share of distressed property sales declined.
- Homes available for sales rose by 2.9%; however, this was exceeded by the faster pace of sales leading the months’ supply of unsold homes to fall to 6.1 from 6.4 in the previous month.
- Existing home sales were up 9.3% on a year-over-year basis in August and are up 7.4% year to date. The overall improvement in the pace of sales, firming prices, shrinking housing inventories, and decreasing
U.S. existing home sales increased more than expected in August