Existing-Home Sales
Hit 5-Month High

   Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time.
     Existing-home sales increased 3.1% in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. NAR President Richard F. Gaylord, said the up-and-down pattern may break soon.
     "We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead," he said. "Buyers who've been on the sidelines should take a closer look at what's available to them now in terms of financing and incentives.