Pursuits
Existing U.S. Home Sales Rise to Highest Since February 2007
Workers load wood planks on a house under construction in Livermore, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Purchases of previously owned U.S. homes unexpectedly rose in July to the highest level since February 2007, consistent with further strength in the housing market.
Contract closings increased 2 percent to a 5.59 million annualized rate from the prior month’s revised 5.48 million pace, figures from the National Association of Realtors showed Thursday. The median forecast in a Bloomberg survey called for a drop to 5.43 million. Prices rose and inventory shrank.