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Armando Montelongo Team Blog

Existing Home Sales Show Strong Increase in August

Existing home sales increased by 7.7 percent in August, despite pressures ranging from tight credit to Hurricane Irene, according to a new report.

The National Association of Realtors’ data showed that sales of single-family homes, townhomes, condominiums and co-ops rose to a seasonally adjusted annual rate of 5.03 million. Sales are up 18.6 percent from a year ago.

Real estate investors accounted for 22 percent of the activity in August, motivated by a steady stream of lower-priced foreclosures.

First-time homebuyers purchased 32 percent of homes in August, and cash sales – mainly by investors – accounted for 29 percent of transactions.

Sales increased across the four major U.S. regions in the report, rising 2.7 percent in the Northeast, 3.8 percent in the Midwest, 5.4 percent in the South and 18.3 percent in the West. Sales in all four regions are up by double-digit percentages from a year ago.

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