July home sales surge more than 7%

August 21, 2009 7:10:47 AM PDT
Home resales posted the largest monthly increase in at least 10 years last month as first-time buyers rushed to take advantage of a tax credit that expires this fall. The National Association of Realtors says home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million last month, from a pace of 4.89 million in June.

It was the fourth-straight monthly increase and the highest level of sales since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.

The median sales price was $178,400, down 15 percent from $210,100 in the same month last year.

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