Existing-home sales rose 5.5% in August to set a record for the second consecutive month, reaching a level more than 20% higher than that of a year earlier.The National Association of Realtors reported that resales of single-family homes climbed from a revised seasonally adjusted annual rate of 6.13 million units in July to 6.47 million in August. The resales rate was up 21.8% from 5.31 million in August 2002. "Some of the home sales closed in August were negotiated in June when mortgage interest rates hit record lows," NAR chief economist David Lereah said. "Much of the remaining portion of sales reflect quick decisions to make offers in July when interest rates began to rise sharply." The NAR can be found online at http://realtor.org.
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