US home sales rise reflects steady improvement

Americans bought more homes in July than in June, the latest evidence that the housing market is slowly, but steadily, improving.
Sales of previously occupied homes rose to a seasonally adjusted annual rate of 4.47 million in July, a 2.3% increase from the previous month’s rate, the National Association of Realtors said Wednesday. The industry’s recovery has grown more consistent, though it remains sluggish and uneven. July sales were below the 4.6 million annual pace reached in April and May. And the annual sales pace is below the roughly 5.5 million that economists consider healthy. Still, sales have increased 10.4% compared with a year ago. The sales increase last month was broad-based. Purchases rose for single-family homes and condominiums.

AP via Crain’s New York

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