Sales of existing homes have increased for four consecutive months and were up 7.2 percent in July compared to the previous month, according to the National Association of Realtors.
Used home sales in July were up 5 percent compared the same month a year ago.
Sales haven’t increased four months in a row since June 2004. The last time a month’s sales beat its previous-year totals was November 2005.
The association said a combination of greater affordability and first-time buyers taking advantage of federal tax credits have helped the market “turn for the better.”
