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Last updated 5:30PM ET
February 15, 2012
The Economy Project
The Economy Project
Existing Home Sales Jump
ALAN ZIBEL, AP Real Estate Writer (2009-08-21)
WASHINGTON, DC (Associated Press) - Home resales posted the largest monthly increase in at least 10 years last month as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The National Association of Realtors says home sales rose 7.2% to a seasonally adjusted annual rate of 5.24 million last month, 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.

The median sales price was $178,400, down 15% from $210,100 in the same month last year.
 © Copyright 2012, Associated Press