Home sales near 4-year high

homr salesBy 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.

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