Existing home sales rise for 4th straight month

WASHINGTON (AP) -- Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.<br /> <br /> The National Association of Realtors says home sales rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million, the highest since last September.<br /> <br /> More homeowners are selling their homes, mortgage rates remain low and home price gains have slowed this year. That's made home purchases more affordable.<br /> <br /> Sales peaked in July 2013 and then fell as interest rates rose from low levels. Harsh winter weather also slowed sales earlier this year. As a result, July's sales are still 4.3 percent lower than a year ago. They also remain below the 5.5 million considered consistent with a healthy housing market.

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