Sales Indicate Recovery Continuing

Sales of existing homes rose 1.4% in June to the highest level since January, 1989, when it reached 3.66 million, the National Assn. of Realtors said in a report suggesting that the five-month-old housing recovery was continuing. “This is a good, solid sign of recovery,” said Harley E. Rouda, the association president. Although sales fell 7.1% in the Midwest, Realtors economist John A. Tuccillo said the May jump to 980,000 was extraordinarily high and could not be sustained.

Region Houses Sold Percent Nation 3.59 million +1.4% West 630,000 +3.3% South 1.49 million +6.4% Northeast 570,000 +3.6% Midwest 910,000 -7.1%