US home sales reach 14-year high with prices setting a new record

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CHICAGO (NewsNation Now) — U.S. home sales rose more than 2% in August to their highest level since 2006.

The National Association of Realtors reports sales rose to a seasonally adjusted annual rate of 6 million homes last month.

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”

The group reports sales are up more than 10% from a year ago, marking a return to pre-virus levels.

The median price for a home last month also rose beyond $300,000 for the first time.

Regional Breakdown

Median home prices increased at a double-digit pace in each of the four major regions in August compared to a year ago. Here’s how existing-home sales fared across the country last month:

  • Northeast: Existing-home sales increased 13.8% in August—a 5.7% increase from a year ago. Median home price: $349,500, up 10.4% from August 2019.
  • Midwest: Existing-home sales rose 1.4% in August, up 9.3% from a year ago. Median home price: $246,300, a 10.7% increase from a year ago.
  • South: Existing-home prices increased by 0.8%, up 13% from a year ago. Median home price: $269,200, a 12.3% uptick from a year ago.
  • West: Existing-home price increased 0.8%—a 9.6% rise from a year ago. Median home price: $456,100, up 11.8% from a year ago.

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