Home sales show faint signs of improvement

Sales of existing homes rose in June for the third consecutive month nationally, lifting the spirits of Wall Street and some in the housing industry. But the pace of sales is still no better than a year ago, which had been the worst year for home sales in a decade.

The National Assn. of Realtors reported the seasonally adjusted annual sales rate of existing homes in June was up 3.6% over May. However those sales were still down by 0.2% from the same month a year ago.

The group's chief economist, Lawrence Yun, said of the monthly sales gain, "We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions."

Read Full Article from Los Angeles Times

- Posted: 2009-07-23 15:31:50

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