Existing Home Sales Rise 3.1%

Existing homes sales rose 3.1% in July, the National Association of Realtors said Monday.

Sales increased to an annual rate of 5 million homes, from 4.85 million in June, NAR said.

The median price fell 7.1% from a year ago.
 
Economists had forecast home resales would rise to a 4.91 million rate, Bloomberg reported.