Existing home sales last month outpaced the average for August over the past decade as did the median price of a house, according to the National Association of Realtors (NAR).
Using data that it’s gathered through the last 10 years, NAR found that three out of four regions surveyed — which include the Northeast, Midwest, South and West — saw sales surpass the 10-year average for that month.
The Midwest led all regions with sales that were 10 percent higher than the average rate, and relatively strong gains were also seen in the South, too. There, sales surpassed the average by 7 percent.
The West was close to the average, with sales in August 2015 only 1 percent higher than the 10-year average for that month.
The only region that experienced sales below the decade average was the Northeast. Sales in this region were “slightly below” the 10-year average for August, according to NAR.
The national median home price for August was higher than the 10-year average for August as well. This was true for all four regions.
Although on a national level home sales beat out the 10-year average, they were still lower in August 2015 than they were at the same point in 2005.
The decline is most noticeable in the Northeast, where sales were about 42 percent below their rate a decade earlier. The Midwest and South were closest to hitting sales levels from August 2005. However, both of those regions’ sales were still down 21 percent.
The median home price last month was also lower than it was in August 2005, but over the past few years, home prices have been increasing year-over-year.
Last month, the median US home price increased year-over-year for the 42nd month in a row to $228,700, 4.7 percent higher than August 2014’s median price of $218,400.