Home Sales Rise in July, 2008

Good news! Both new- and existing-home sales rose in July.

According to the National Association of Realtors, existing-home sales increased 3.1 percent to the highest level in five months. In the Northeast, sales of existing single-family homes rose 5.9 percent.

In addition, the Commerce Department reported an unexpected 2.4 percent increase in sales of new single-family homes in July. The seasonally adjusted annual rate of 515,000 units is the most since April.