From Yahoo! News:

July home sales surge more than 7 percent

 U.S. home resales posted the largest monthly increase in at least 10 years last month as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The National Association of Realtors said Thursday that home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million in July, 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 surveyed by Thomson Reuters.

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