June existing home sales rise by 3.6 percent

July 23, 2009 12:00:00 AM PDT
A real estate group's report says sales of previously occupied homes rose 3.6 percent from May to June, the third consecutive monthly increase and a sign that a housing recovery is under way in much of the country. The National Association of Realtors says home sales rose to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May.

It was the highest level of sales since October 2008 and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.

The median sales price was $181,800 in June down 15.4 percent from $215,000 in the same month last year, but up from $174,700 in May.

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