Home sales soar 7.2 percent in July

First-time buyers rushed to take advantage of tax credit

The Associated Press

updated 7:59 a.m. PT, Fri., Aug 21, 2009

WASHINGTON - The U.S. housing market is improving quicker than expected, with home resales in July posting the largest monthly increase in at least 10 years, as first-time buyers rushed to take advantage of a tax credit that expires this fall. The National Association of Realtors said Friday that home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million in July, 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....

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