Existing Home Sales Rise in July to Highest Since 2009

Existing home sales rose 6.5% in July to the fastest pace since November 2009, the National Association of Realtors said Wednesday.

Sales rose to an annual rate of 5.39 million, following June’s 5.08 million.

The July level was higher than economists’ median forecast of a 5.15 million rate, Bloomberg News reported.

The rate rose in part as more buyers entered the market before further increases in mortgage rates, Bloomberg reported.