Sales of previously owned homes in the US rose 3.1% in July, as buyers took advantage of falling prices in the wake of the housing slowdown.
Sales climbed to a seasonally adjusted annual rate of 5 million units, said the National Association of Realtors.
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While the figures were greater than expected, home sales were still 13.2% less than the level a year earlier.
Many parts of the US worst hit by the US sub-prime crisis have seen prices slump, sending average prices lower.
The median price for homes sold in July fell 7.1% year-on-year to $212,000 (Ј114,439).
"The data is not too significant, and the market hasn't reacted dramatically to it," said Al Kugel, chief investment strategist at Atlantic Trust.
But he added: "It is interesting that home sales have pretty much levelled off in 2008."
Richard Gaylord, president of the National Association of Realtors said: “We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead."
(BBC)
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