August was a solid month for the housing market. Prices and sales figures increased over that time span, and the pace is similar to conditions last seen more than six years ago.
The number of existing-home sales grew in August, according to the National Association of Realtors. In addition, the median sales price also ticked up, adding to the streak of nine consecutive months of double-digit yearly gains.
"Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions," said Lawrence Yun, chief economist for NAR. "Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn't as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase."
Existing home sales rose at a rate of 1.7 percent annually for the month, NAR reported. That marks a pace more than 13 percent greater than August 2012.
For everyone involved in the real estate industry, in-depth, accurate information is a must. Data from Courthouse Retrieval System can make that easier, with comprehensive mortgage records, property data and much more.
New construction also up
Housing starts, as well as existing-home sales, are increasing. For August, the statistic jumped up 0.9 percent on a month-to-month basis, to a seasonally adjusted annual rate of 891,000, according to the Census Bureau. That figure is even higher when compared to the same time in 2012, with starts rising 19 percent. Moreover, building permits and housing completions also had a reported increase.
Overall, the housing market has seen several positive indicators during August, where rising mortgage rates might have hampered activity. Yun added that those conditions might be a temporary high, due to the potentially fluctuating economic conditions expected in the near future.