Existing Home Sales Rise More Than Expected

Washington, DC, Aug. 21, 2013 -- Existing-home sales in July rose 6.5% to a seasonally adjusted annual rate of 5.39 million, the highest level since late 2009, according to the National Association of Realtors.

Economists had expected a July sales rate of 5.21 million.

NAR said the increase was due to buyers looking to purchase a home before mortgage rates rise further.