One day can make a big difference in housing industry metrics.
About 25 hours after the release of a disappointing housing starts report, the National Association of Realtors (NAR) said existing-home sales for August increased 7.7% to a seasonally adjusted annual rate of 5.03 million.
The August figure is 18.6% higher than the 4.24 million pace recorded in August 2010.
"Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” said Lawrence Yun, NAR chief economist. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”
Yun added that aberrations in housing data are possible over the coming months, as parts of the country recover from storm