Home Sales Up in July


The U.S. housing market is showing signs of a recovery.

The National Association of Realtors is reporting existing home sales rose 2.3% from June to July.

July's annual rate of 4.47 million homes is more than 10-percent higher than it was a year ago.

The group's chief economist says the market has been bolstered by low home prices and low mortgage rates.

But even with the gain, July sales were slightly below industry expectations.

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