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US home sales jump to highest since May 2010

By The Associated Press

This article was published September 19, 2012 at 11:15 a.m.

— A jump in sales of previously owned homes and further gains in home construction suggest the U.S. housing recovery is gaining momentum.

Sales of previously owned homes rose 7.8 percent in August from July to a seasonally adjusted annual rate of 4.82 million, the National Association of Realtors said Wednesday. That’s the highest level since May 2010, when sales were aided by a federal home-buying tax credit.

At the same time, builders broke ground on 2.3 percent more homes and apartments in August than July, the Commerce Department said.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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