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Existing home sales rose in August
A home is shown for sale in the Haight Ashbury neighborhood in San Francisco, California, August 24, 2010.
Credit: Reuters/Robert Galbraith
WASHINGTON |
WASHINGTON (Reuters) - Existing home sales rose in August as housing markets struggled to stand unaided after the expiration of a popular tax credit for home buyers, but activity remained severely depressed from levels preceding the country's most severe downturn in modern history.
Sales climbed 7.6 percent to an annual rate of 4.13 million units, the National Association of Realtors said on Thursday. Forecasters in a Reuters poll had been looking for a 8.4 percent increase.
The August sales pace was the second lowest since 1997 after July's revised 3.84 million level, which had posted a record one-month drop after the tax credit ended.
(Reporting by Mark Felsenthal)
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