Existing home sales rose in July

WASHINGTON, Aug. 21 (UPI) -- Sales of existing U.S. homes increased for the fourth consecutive month in July, the National Association of Realtors said Friday.

Sales of single-family homes, town homes, condominiums and co-ops rose to a rate of 5.24 million units in the month, compared to a revised figure of 4.89 million in June. Sales were 5 percent higher than July 2008, the association said.

"The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales," NAR Chief Economist Lawrence Yun said in a statement.

Sales jumped 13.4 percent in the Northeast,10.9 percent in the Midwest and 7.1 percent in the South. Sales in the West slipped 1.7 percent in July.