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September 23, 2010    

NAR reveals surge in US homes in August

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by Kay Murchie
NAR reveals surge in US homes in August

The National Association of Realtors (NAR) has today revealed a surge in sales of previously owned homes in the US for the month of August.

The industry body said sales jumped 7.6% in August to an annual rate of 4.13 million units, up from a revised 3.84 million units in July - which represented the lowest since 1997.

The data suggests the housing market may be starting to pick up after the withdrawal of a Government tax incentive in April resulted in a fall in activity thereafter.

Commenting on today’s figures, Lawrence Yun, chief economist for the NAR, said: “The housing market is trying to recover on its own power without the home buyer tax credit.

“Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty,” he added.

The figures come just a few days after the Commerce Department revealed housing starts jumped in August to a four-month high.

According to the Commerce Department, construction of new US homes rose 10.5% last month to a seasonally adjusted annual rate of 598,000 units – beating analysts expectations of 550,000.

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