Existing-home sales reach a six-year high
Transactions rise 1.7% in August
According to MarketWatch, existing-homes sales increased 1.7% in August to an annual rate of 5.48 million, the highest level in more than six years.
The National Association of Realtors reported that sales rose as buyers rushed to lock in mortgage rates before they increase any further.
NAR said the median price of a home was $212,100 in August, up 14.7% from the year-earlier level, the largest growth since October 2005, as pricier homes saw large annual sales growth. Inventories rose 0.4% to 2.25 million homes available for sale, representing a 4.9-month supply at current sales rates.
Looking forward, rates that continue to rise will eventually pull back home purchases, NAR added.