Published: August 25, 2008 09:40 am      

Realtors say existing home sales rose in July

WASHINGTON — A trade group for real estate agents says sales of existing homes rose 3.1 percent 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 5 million units. Sales had been expected to rise by only 1.6 percent, according to economists surveyed by Thomson/IFR.

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

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