24 Sep 2010

US housing sales rise

8:28 am on 24 September 2010

Sales of previously-owned houses in the United States rose 7.6% in August, but activity in the housing market remains at low levels.

The National Association of Realtors said sales climbed to an annual rate of 4.13 million.

But the BBC reports that was from a low base: July's revised annualised rate of 3.84 million was the lowest since 1997.

July saw a record one-month drop after the end of a tax credit, designed to

boost sales.

Dean Maki from Barclays Capital in New York said the data was "a touch better than expected".