Despite economic expectations that existing home sales would only amount to about 4.55 million in August, sales for the month climbed to 4.82 million, showing a 7.8 percent rise.
While the median price for single-family homes fell slightly by about $400 to $187,400, this is still a 9.5 percent rise from the median price of $171,200 a year ago.
With the recent growth in numbers, the National Association of Realtors isÂ now adjusting their forecasts to raise expectationsÂ to an 8 to 10 percent increase in home sales for the year. These numbers could go up even further to a 10 to 15 percent forecast if financing were to be obtained by more eligible buyers.
In regards to distressed homes, foreclosures and short sales made upÂ about 22 percent of total home sales in August. Markedly, while foreclosures sold for nearly 20% less market value, short sales were only discounted by about 13% for the month.
Overall, the increased numbers in August show the largest growth in median price since January of 2006.Â