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Existing home sales in the U.S. rose by much
more than anticipated in the month of May, the National Association
of Realtors revealed in a report on Thursday, with sales rising to
their highest level in well over three years.
NAR said existing home sales rose 4.2 percent to a seasonally adjusted annual rate of 5.18 million in May from 4.97 million in April. Economists had been expecting existing home sales to edge up to an annual rate of 5.0 million.
The bigger than expected increase lifted existing home sales to their highest annual rate since November of 2009, when sales spiked to 5.44 million in response to the home buyer tax credit.
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