NAR: Existing-Home Sales Bounce in August, Inventories at 11.6 Months of Supply

The NAR reported today that existing-home sales came in better-than-expected, recording an increase of 7.6 percent in August. Home inventories also improved registering a decrease of 0.6% to 3.98 million units, which represents an 11.6-month supply at the current sales pace. That’s down from a 12.5-month supply in July.

NAR Chief Economist Lawrence Yun said “Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own.”