Home Sales Rate Rose in August to a 2-Year High

Sales of existing homes rose in August to their highest rate in more than two years and new housing construction also climbed last month, providing signs that a budding housing market recovery is gaining traction.

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The National Association of Realtors said Wednesday that existing home sales increased 7.8 percent last month to an annual rate of 4.82 million units. That was well above economists’ expectations and the fastest rate since May 2010 when activity was being supported by a homebuyer tax credit. Read More...