Sales of previously owned U.S. homes climbed more than forecast in July to the fastest pace since November 2009 as more buyers entered the market before further increases in mortgage rates.
Purchases of previously owned houses advanced 6.5 percent to a 5.39 million annual rate last month, figures from the National Association of Realtors showed Wednesday in Washington. The median forecast of 76 economists surveyed by Bloomberg projected a 5.15 million pace. Prices increased 13.7 percent from a year earlier, the most since October 2005.
