From the MIBOR Fast Track Market Spotlight:

As reported by the National Association of REALTORS® (NAR), home sales continued to improve in August and the national median price rose on a year-over-year basis for the sixth straight month. Total existing home sales – defined as single-family homes, townhomes, condominiums and co-ops – rose 7.8 percent to 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.

NAR chief economist, Lawrence Yun commented that favorable buying conditions get the credit. In Yun’s monthly address to stated, “the housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions. Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers.”

For the full media release, click here.