Business roundup: Home sales rose for fourth straight month
Posted by Abuzar Waleed on
Americans bought more homes in June, the fourth straight monthly gain, as the sales rate reached its highest level in more than nine years.
The National Association of Realtors said Thursday that sales of existing homes rose 1.1 percent last month to a seasonally adjusted annual rate of 5.57 million, the best performance since February 2007. Buyers are quickly making offers amid tight supplies of homes on the market, boosting prices as the traditional buying season reaches its crescendo. The solid job market and mortgage rates near historic lows have kept demand steady, even though the number of listings on the market has dropped.
But continued sales gains appear to be limited this year because of the acute shortage of listings. The meager supplies…
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