House Resales Up 1.6% in July

Resales of existing houses climbed 1.6% in July to the highest annual level in nearly five years, a real estate sales trade group said today.

The increase was the strongest since the 5.2% jump in March and lifted the annual rate of resales to 3.11 million, after seasonal adjustment. The National Assn. of Realtors expects 1985 to end as the best year for existing home sales since 1979. Sales were helped by a slight decline in mortgage rates.