US home sales rise 3.1 pct in July

0 Comments | AFP, August, 2008

WASHINGTON (AFP) — US sales of existing homes rose in July to a five-month high as buyers took advantage of falling prices in the housing crisis, industry data showed Monday.

The National Association of Realtors (NAR) reported sales of existing homes and apartments increased 3.1 percent to a seasonally adjusted annual rate of 5.00 million units in July from a downwardly revised level of 4.85 million in June.

The report was better than analysts' forecast of a sales pace of 4.90 million units.

On a 12-month basis, July sales of homes and apartments fell 13.2 percent, underscoring the deep woes of the real estate market.

The median existing-home price for all housing types was 212,400 dollars in July, down 7.1 percent from a year ago.

The...