August existing home sales up, prices down

The National Association of Realtors released the August existing home sales report today and as expected, sales were higher and prices were lower.

Chart courtesy of Calculated Risk.

Highlights:

Existing home sales rose 7.7 percent in August to a seasonally adjusted annual rate of 5.03 million.

Median home price was $168,300, down 5.1 percent from August 2010.

32 percent were first time buyers, 22 percent were investors and all cash sales were 29 percent of all transactions.

Distressed sales (foreclosures and short sales) were 31 percent of all sales and contract failures were 18 percent.

Inventory fell 3 percent to an approximately 8.5 month supply.

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