Home Resales Record Large Monthly Increase

Washington, DC, Aug. 21, 2009--Home resales recorded the largest monthly increase in at least 10 years last month as first-time buyers hurried to take advantage of a tax credit that expires this fall.

The National Association of Realtors said that home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million last month, from a pace of 4.89 million in June.

It was the fourth-straight monthly increase and the highest level of sales since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists.

The median sales price was $178,400, down 15 percent from $210,100 in the same month last year.