"All the elements are in place for continued growth in the housing industry"
- Omair Sharif, a U.S. economist at RBS Securities Inc.
U.S. pending home sales rose in July, a further sign the housing market is bottoming out. An index measuring home resales gained 2.4 per cent from June, when it fell 1.4 per cent, said the National Association of Realtors.
"All the elements are in place for continued growth in the housing industry," said Omair Sharif, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut. "Housing is one of the bright spots in the economy."
In a separate report, the Bureau of Economic Analysis said the economy expanded at a faster pace in the second quarter than previously estimated. Gross domestic product climbed 1.7 per cent.
The Standard & Poor's 500 climbed 0.08% to 1,410.49. The Dow Jones Industrial Average gained 0.03%, or 4.49 points, to 13,107.48. The Nasdaq Composite edged higher 0.13 per cent to 3,081.19.
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