Home Resales Rise 1.8% in July

Sales of existing homes rose 1.8% to an annual rate of 3.45 million last month in the first increase since April, the National Assn. of Realtors said today.

Home mortgage interest rates had begun rising in May, cramping sales a bit in that month and in June, but rates began easing again in late June, helping resales of existing homes in July. Today’s figure is 8.8% higher than in July, 1985.