Existing-home sales increased in August and reached the highest level in six-and-a-half years, while the median price shows nine consecutive months of double-digit year-over-year increases.

Nationally, existing-home sales increased in August and reached the highest level in six-and-a-half years, while the national median price shows nine consecutive months of double-digit year-over-year increases. Flagstaff home sales in August were consistent with this national report, as I wrote earlier in the month. National sales are at the highest pace since February 2007. Sales improved year-over-year for 26 straight months.

Lawrence Yun, who is chief economist of the National Association of Realtors®, said in the Association’s press release: “The market may be experiencing a temporary peak. “Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,” he said. “Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.”

See his full interview in the accompanying video.

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Source  Article: August Existing-Home Sales Rise, Limited Inventory Continues to Push Prices | NAR Press Release