By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Resales of U.S. single-family homes and condos rebounded a bit in August after hitting a record low in the prior month, the National Association of Realtors reported Thursday.
Existing-home sales rose 7.6% in August to a seasonally adjusted annual rate of 4.13 million. Economists surveyed by MarketWatch expected sales to rise to 4.10 million.
Sales in July were revised up only slightly to a plunge of 27% to a record low 3.84 million unit pace, compared with the initial estimate of a 27.2% decline.
Despite the gain in August, resales remain at the second lowest level on record.
Separate reports out Thursday showed a rise in weekly jobless claims and a 0.3% increase in the leading economic index for August. See leading economic indicators story. See jobless claim story.
U.S. stocks traded in a tight range after the economic reports.
Resales fell off sharply after tax credit for homebuyers expired at the end of April.
Resales have sunk 19% in the past year.
The median sales price rose 0.8% in the past year to $178,600.
The inventory of unsold homes on the market fell 0.6% to 3.98 million, an 11.6-month supply at the current sales pace, the second-highest inventory level since the mid-1980s. A healthy market would have inventories in the 5-6 month range.
In the Realtors report, sales of single-family homes rose 7.4% to a seasonally adjusted annual rate of 3.62 million. Sales of condos rose 8.5% to an annual rate of 510,000
About a third of sales are distressed sales, either foreclosures or short sales, in which homeowners accept less than they owe on the house, with the lender absorbing the loss. Many foreclosures aren’t included in the data at all because they are not sold through the Realtors’ multiple-listing service.
Resales rose 7.9% in the Northeast, rose 5.0% in the Midwest, rose 5.2% in the South and rose 13.8% in the West.
