Home Sales Rise Nationally
Nationwide, existing home sales increased 7.7 percent in August compared to July and were up more than 18 percent from last year's pace, according to the National Association of Realtors (NAR).
Favorable affordability metrics may finally be encouraging market demand for homes, economists with the NAR said.
Existing home sales increased from 4.67 million sales in July to 5.03 million in August, which is up from 4.24 million in August 2010.
Sales of distressed properties continue to increase in market share, rising from 29 to 31 percent of all sales.
Investors seem to be flocking to the market as well to hedge against inflation, NAR economists suggest. Investors accounted for 22 percent of sales in August, up from 18 percent a month earlier. All-cash transactions, which are typically made by investors, made up 29 percent of sales.
Regionally, the Northeast had the slowest increase in home sales in the United States, which NAR officials credited with Hurricane Irene blowing through the region at the end of last month.
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