- 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 market share of distressed sales support our view that conditions in the US housing market are stabilizing, and we anticipate that the gradual return to normal market conditions will continue in the forecast horizon.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.