Sales of previously owned homes rose in August, according to the National Association of Realtors. Total existing-home sales increased 1.7 percent from the month before and were 13.2 percent above year-before levels. Regionally, sales were up in the Midwest and South, flat in the Northeast, and down in the West. But, despite reaching the highest sales pace since February 2007, Lawrence Yun, NAR’s chief economist, said the market may be experiencing a temporary peak. Yun cautioned that sales may be uneven in the months ahead due to tight inventory and less favorable affordability conditions. In short, fewer homes for sale puts upward pressure on prices. In fact, the median home price in August was up nearly 15 percent from 2012 and has posted double-digit increases for nine consecutive months. More here.