July home resales rise to highest level since February 2007
Job gains, low borrowing costs boosting trade-up purchases, providing more fuel for the economy
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PURCHASES of previously owned US homes unexpectedly rose in July to the highest level since February 2007, consistent with further strength in the housing market.
Contract closings increased 2 per cent to a 5.59 million annualised rate from the prior month's revised 5.48 million pace, figures from the National Association of Realtors showed on Thursday. The median forecast in a Bloomberg survey called for a drop to 5.43 million. Prices rose and inventory shrank.
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