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.
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