Existing-home sales were up in July, the fourth consecutive month that sales were up, according to the National Association of Realtors.
Existing-home sales were up 7.2 percent in July over where they were in June and 5.0 percent over where they were in July 2008.
The last time home sales were up four consecutive months was in June 2004. The last time sales were higher for a month than they were for the month a year earlier was November 2005.
“The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” NAR chief economist Lawrence Yun said.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
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