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Existing home sales in U.S. unexpectedly rose to their highest annual pace of the year in the month of July, according to a report released by the National Association of Realtors on Thursday.
NAR said existing home sales climbed to a seasonally adjusted annual rate of 5.15 million in July from a downwardly revised 5.03 million in June.
The increase came as a surprise to economists, who had expected existing home sales to drop to a rate of 5.00 million from the 5.04 million originally reported for the previous month.
