US home sales rise for fourth month

By AP

Sales of existing US 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 per cent to a seasonally adjusted annual rate of 5. 15 million, the highest since last September.

That's a contrast from earlier this year, when weak sales and limited homebuilding led economists to peg housing as a missing piece of the economic recovery.

Those "distressed" sales made up just nine per cent of sales, the lowest proportion since the Realtors began tracking the figure in October 2008.

Read more here: Business Spectator

    

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