U.S. home sales show first yearly gain since ’05

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July sales of existing U.S. homes climbed by 5% over the same month a year ago, the first annual gain since 2005, the National Assn. of Realtors reports today.

The seasonally adjusted annual sales rate for July was 5.24 million homes. Until last month, home sales had been at a pace likely to end the year below 4.9 million in 2008, which had been the worst year for home sales since 1997.

Sales in the West were still down 1.7%, however. Every other region posted sales gains.

--Peter Y. Hong