Aug Existing Homes Sales +2.4% to 6.00m, Highest Since Great Recession

Existing home sales increased for a third straight month in August by 2.4% to 6.00m SAAR, the highest level since December 2006 and right in line with market expectations.

• Home sales up 10.5% yoy, according to the NAR
• Median home sales price rose to an all-time record $310,600, up 11.4% yoy
• Average days on market is 22 days, matching fastest on record set last month
• Very tight inventory: 1.49m homes available for sale at the end of August, a fall of 18.6% from a year ago and the 15th straight month of decline in inventory. By comparison, there were more than double the amount of homes for sale in 2006
• NAR chief economist Lawrence Yun called the housing market a "super V-shaped recovery" and "very good news for homeowners"
• Yun anticipates housing market to remain strong regardless of whether another stimulus package is passed, mainly due to low interest rates