(MENAFN) US home sales hit an eight-month high in June, marking a slow regaining momentum that would help the economy to stay on a higher growth path this year, The Peninsula Qatar reported.
Existing home sales rose 2.6 percent to an annual rate of 5.04 million units last month, with the median house price reached its highest level since 2007.
The National Association of Realtors reported a third straight months of home sales gains, adding to employment and retail sales data which indicated economic growth.
"The economy is normalizing from whatever went wrong in the first quarter. Growth is up and running," chief economist at Bank of Tokyo-Mitsubishi UFJ in New York said.
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