U.S. home sales rise in July

The trade association for real estate agents in the United States says sales of existing homes rose 3.1 per cent in July as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

The National Association of Realtors reported sales rose to a seasonally adjusted annual rate of five million units.

Still, home sales were 13.2 per cent lower than a year ago.

The median price for a home sold in July dropped to $212,000 US, down by 7.1 per cent from a year ago.