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Freddie Mac
U.S. home sales jump; key mortgage rate hits low for the year
U.S. home sales jump; key mortgage rate hits low for the year

Sales of previously owned homes rose more than expected in July, a sign of growing strength in the housing recovery. Sales climbed 2.4% from June to a seasonally adjusted annual rate of 5.15 million, the National Assn. of Realtors said Thursday. The July sales level, the highest of the year, beat analysts' projected rate of 5 million. A steadily improving job market, coupled with more options for buyers, drove sales higher last month, said Lawrence Yun, the trade group’s chief economist. “The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market,” he said. The...