Existing-home sales increased nationwide in August and reached the highest level in 6 ½ years, according to a new report from the National Association of Realtors®. The report also shows the median home sales price has experienced nine consecutive months of double-digit year-over-year increases.
Total existing-home sales rose 1.7 percent from July to August, and are 13.2 percent higher than in August 2012. Sales are at the highest pace since February 2007, and have remained above year-ago levels for the past 26 months.
The national median existing-home price for all housing types was $212,100 in August, up 14.7 percent from August 2012. This marks the strongest year-over-year price gain since October 2005 when the median rose 16.6 percent, and marks 18 consecutive months of year-over-year price increases.
In North Texas, the median home sales price in August was $179,900, a 12.4 percent increase over August 2012’s median sales price of $160,000, according to data from North Texas Real Estate Information Systems, Inc.