Today, the National Association of Realtors (NAR) released their Existing-Home Sales Report for August. It showed an increase in sales with total home sales climbing 1.7% since July, rising 13.2% above the level seen in August 2012. Single-family home sales also improved, climbing 1.7% from July and rising 12.8% above the level seen in August 2012. The median selling price increased a notable 14.4% above the level seen a year earlier.
Inventory of single-family homes increased from July to 2.01 million units, but still remained 5.6% below the level seen in August 2012. That, along with the sales pace, resulted in a monthly supply of 5.0 months. The following charts show national existing single-family home sales, median home prices, inventory, and months of supply since 2005.