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Existing Home Sales Surge in August Existing home sales and median sales prices made gains in August, continuing six consecutive months of growth for the first time since the beginning of 2006. Sales of existing homes and national price levels rose in August, according to data from the National Association of Realtors, keeping the housing market on an upward trend. Total existing-home sales rose 7.8 percent to an annual rate of 4.82 million in August, seasonally adjusted, increasing from 4.47 million in July. That's 9.3 percent higher than the August 2011 level of 4.41 million units sold. More importantly, the number of units sold and the national median price year-over-year both increased for the sixth straight month, the first time growth has been sustained in such a way since December 2005 to May 2006. The national median existing-home price for all housing types was $187,400 in August, up 9.5 percent from a year ago. The August increase was the strongest since January 2006, when the median price rose 10.2 percent from the year before. "The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years," said NAR chief economist Lawrence Yun. Distressed homes – foreclosures and deeply discounted short sales – accounted for 22 percent of August sales (12 percent were foreclosures and 10 percent were short sales), down from 24 percent in July and 31 percent in August 2011. Foreclosures sold for an average discount of 19 percent below market value in August, while short sales were discounted 13 percent. Total housing inventory at the end August rose 2.9 percent to 2.47 million available units, representing a 6.1-month supply at the current sales pace, down from a 6.4-month supply in July. Listed inventory is 18.2 percent below a year ago when there was an 8.2-month supply. Single-family home sales rose 8.0 percent to a seasonally adjusted annual rate of 4.30 million in August from 3.98 million in July, and are 10.0 percent above the 3.91 million-unit pace in August 2011. The median existing single-family home price was $188,700 in August, up 10.2 percent from a year ago. The median time on market was 70 days in August, 96 Landscape Architect and Specifier News Information Request # 542 consistent with 69 days in July and down 23.9 percent from 92 days in August 2011. Thirty-two percent of homes sold in August were on the market for less than a month, while 19 percent were on the market for six months or longer.