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Despite the gloom and doom sayers predictions of a market bubble, existing home sales up once again for August, 2005. Even a broken clock is right more often than the housing bubble burst pundits. These folks seem to be the same ones who predicted a John Kerry Presidential win and the Arizona Cardinals would win the 2005 NFC West.

Sales of previously owned homes unexpectedly surged in August and prices reached an all-time high, defying predictions that the U.S. housing market would soon cool.

Existing home sales rose 2 percent to a 7.29-million annual pace last month, the second-highest level on record, the National Association of Realtors said yesterday in Washington. The median price rose 15.8 percent to a record $220,000, and the supply of homes for sale increased

Home sales not slowing down.

“These are tremendous numbers,” said Kevin Harris, chief economist at Informa Global Markets, a financial analyst in Manhattan. “There is nothing solid in the latest round of existing home sales data to show that we’re slowing down.”

Total sales were up in three of four regions. They rose 5.6 percent in the West to a 1.69-million-unit pace, 1.9 percent in the Midwest to a rate of 1.64 million units, and 1.7 percent in the Northeast to 1.21 million units. Resales fell 0.4 percent to a 2.74-million-unit pace in the South.

Supply of homes available also up.

The supply of homes available for sale, another gauge of housing demand, increased to 4.7 months’ worth in August, from 4.6 months’ worth the previous month.

(Full story)

Related posts:

1. Existing Home Sales Fall in November
2. April 2007 Existing Home Sales Fall 2.6 Percent
3. Housing Sales Rise Significantly In February 2006
4. Existing Homes Sales Slow - Northeast Hit Hardest
5. Home Sales Inch Up in March 2006 While Inventory Grows Quickly