Existing Home Sales Jump 7.7% in August

Existing home sales jumped 7.7% in August to a five-month high, the National Association of Realtors said Wednesday.

The increase to an annual rate of 5.03 million homes surpassed economists’ forecasts of a 4.75 million rate, Bloomberg reported.

The median price of existing homes fell 5.1% from a year ago, to $168,300.

Sales increased in all four national regions, led by an 18% surge in the West.