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Originally published Wednesday, August 22, 2012 at 1:21 PM

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News Summary: US home sales rise 2.3 pct. in July

HOME SALES RISE: Sales of previously occupied homes in the U.S. rose to a seasonally adjusted annual rate of 4.47 million in July, a 2.3 percent increase from the previous month's rate.

The Associated Press

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HOME SALES RISE: Sales of previously occupied homes in the U.S. rose to a seasonally adjusted annual rate of 4.47 million in July, a 2.3 percent increase from the previous month's rate.

STEADY GAINS: The housing market is slowly but steadily recovering. Sales were up 10.4 percent from a year ago. And prices rose 9.4 percent in the past 12 months, the best gain in five and a half years. Other recent reports also paint a picture of a steady rebound.

LONG RECOVERY: Housing is a long way from recovered. Sales remain well below the 5.5 million annual sales pace that is considered healthy.

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