Existing-home sales increased in August, reaching their highest level in 6 1/2 years. What's more, the median price shows nine consecutive months of double-digit year-over-year increases, according to the National Association of REALTORS®.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops, rose 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August from 5.39 million in July. They're also 13.2 percent higher than the 4.84 million-unit level in 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. Median price in the West rose to $287,500, which is 18.8 percent above August 2012. Watch our video to learn more.
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