According to a recent report from the National Association of Realtors, existing home sales increased in August reached their highest level in six-and-a-half years. Total existing home sales, which consist of completed transactions including single family homes, townhomes, condominiums and co-ops, increased 1.7% over July and are 13.2 percent higher than August 2012. Sales are at the highest pace since February 2007 when they hit 5.79 million and have remained above year-ago levels for the past 26 months.
Specifically in the South market, existing home sales rose 3.8% and are 13.5% above August 2012. The median sales price was $181,000, up 14.6% from a year ago.
Here are some additional highlights from the report:
- The median sales price has shown nine consecutive months of double-digit year-over-year increases.
- Total housing inventory at the end of August increased .4 percent which represents a 4.9 month supply.
- Eight percent of August sales were foreclosures and four percent were short sales.
- The median time on market for all homes was 43 days in August which is almost half of 70 days in August 2012.
For more information about homeownership or real estate investment in Atlanta call Jim LaVallee at 404-847-9080 or write Jim@EpicDevelopment.com. View all the details of our current listings here. For more information about commercial real estate operations or investment visit EpiCity.com.