We received another strong sales report from the Arkansas Realtors® Association (ARA) this morning.  Last week, the ARA revealed a year-over-year sales increase of 10.3% in June.  In July, sales were up 10.8% from the previous year.  Two back-to-back reports of double-digit increases — coming during the peak sales season of the year — represent a clear indication that home sales are on the upswing.  As shown in the chart of not-seasonally adjusted data below, the July 2014 sales total was not only well-above the level of a year ago, but it also surpassed last year’s peak sales month (August).  As a matter of fact, the July sales figure of 2,875 was the highest single-month total since 2007.

Source: Arkansas Realtors® Association

The peak sales months of the year are typically June, July and August.  Although their relative ranking can differ from year-to-year, sales during those three months usually account for about 30% of the annual total.  Applying standard seasonal-adjustment methods to the data, the upward trend is apparent:

Source: Arkansas Realtors® Association; Seasonal adjustment by the Institute for Economic Advancement

Because last year’s peak sales month came in August, it is quite possible that the next report from ARA will not appear quite so strong.  But it has already been a good summer for home sales.