Existing Home Sales Best in More Than a Year

Washington, DC, Sept. 19, 2012 -- Home resales surged 7.8% in August to the best level in more than a year, according to the National Association of Realtors.

Low interest rates and a slowly improving jobs market helped spur the increase.

NAR said sales rose to a seasonally adjusted annual rate of 4.82 million from July's 4.47 million, which was better than the 4.6 million expected by economists.

The level was the highest since May 2010 and the percentage gain was best since August 2011.

The median existing home price rose 9.5% from a year ago to $187,400.