Low mortgage rates bolster existing-home sales to 17-month high

Mortgage & Real Estate

Existing-home sales inched forward 1.3% in August from the prior month, reaching a 17-month high, according to the National Association of Realtors. NAR Chief Economist Lawrence Yun said although sales are up, inventory numbers remain low and are thereby pushing up home prices. According to NAR, the median price for an existing-home was $278,800, a gain of 4.7% from last August’s rate of $265,600. This marks the 90th straight month of year-over-year gains.