US existing home sales rise for 4th straight month
Source: AP-EXCITE
By CHRISTOPHER S. RUGABER
WASHINGTON (AP) — Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.
The National Association of Realtors says home sales rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million, the highest since last September.
More homeowners are selling their homes, mortgage rates remain low and home price gains have slowed this year. That's made home purchases more affordable.
Sales peaked in July 2013 and then fell as interest rates rose from low levels. Harsh winter weather also slowed sales earlier this year. As a result, July's sales are still 4.3 percent lower than a year ago. They also remain below the 5.5 million considered consistent with a healthy housing market.
FULL story at link.
FILE - In this July 30, 2014 file photo, George Limperis, a realtor with Paragon Real Estate Group, walks through the kitchen of a property in the Noe Valley neighborhood in San Francisco. On Thursday, Aug. 21, 2014, the National Association of Realtors is scheduled to report on existing-home sales in July 2014. (AP Photo/Jeff Chiu, File)
Read more: http://apnews.excite.com/article/20140821/us--home_sales-db9e7f2cd4.html