By Jeffrey Sparshott and Eric Morath
The housing market showed further signs of strength in July, with sales of previously owned homes jumping as buyers locked in low interest rates.
Existing-home sales rose 6.5% in July from a month earlier to an annual rate of 5.39 million, the National Association of Realtors said Wednesday, and were 17.2% higher than a year ago. The increase was the best month of sales since November 2009, when a home-buyer tax credit spurred activity. Prices also continued to climb, notching a year-over-year gain for 17 consecutive months.
A resurgent housing market has aided the slow-growing U.S. economy, helping generate confidence among consumers, boosting household spending and creating construction jobs.
