Existing Home Sales Rise

The National Association of Realtors said that existing home sales rose 2.3 percent in July to an annual rate of 4.47 million units, which was close to analysts’ expectations of 4.52 million units. The median price for a home sale was $187,300 in July, up 9.4 percent from the same time last year. NAR officials said that low interest rates and improvements in the labor market have been fueling the rebound. The NAR’s chief economist said, “Combined, these factors are helping to unleash pent-up demand.”