Existing home sales rise for fourth straight month

The positive trend in the U.S. housing sector continues, with sales rising along with summer's temperatures.

Bolstered by low-priced home and foreclosure sales, U.S. existing home sales rose 7.2 percent in July to a seasonally-adjusted annual rate to 5.24 million units, the National Association of Realtors announced Friday. That's the highest level for existing home sales since August 2007, roughly one quarter before the U.S. recession started in December 2007.

Economists surveyed by Bloomberg News had expected July existing home sales to total a 5.0-million-unit annualized rate. Sales had totaled a 4.89-million-unit annual pace in June, and a 4.77-million-unit annual pace in May. Existing home sales are also up five percent in the past year.