Sales of existing single-family homes increased in August when compared to sales in August one year ago. There were 284 single-family home resales in August. That is a 10.9% increase over the 256 homes sold in August, 2016.
The latest numbers contributed to an increase in the annual rate of resales which came in at 3,012. This is a 1.0% increase over the annual rate reported last month and an 4.7% increase when compared to the annual rate reported one year ago.
Comparing the first eight months of this year with January thru August of last year, reports show 2,009 single-family resales in 2015 and 2,175 family resales in 2016. This is a 8.3% increase.
As the chart below shows, the annual rate of resales has increased over the last 12-months from 2,889 to 3,012.
The August report indicates that 12-month average single-family resale prices remain basically flat over the last three months. However, a look at the 3-month average shows that sale prices are rebounding from a downturn that began in June, 2015 and ended in January of this year. The three-month average sales price has increased by 18.1% since January to $229,900 in August.
Does not fair well for a stagnant economy.