Existing US home sales hit 8-year high in June

Washington

SALES of previously owned US homes climbed to an eight-year high in June as momentum in the residential real estate market accelerated.

Closings on existing homes, which usually occur a month or two after a contract is signed, climbed 3.2 per cent to a 5.49 million annualised rate, the most since February 2007, the National Association of Realtors (NAR) said on Wednesday. Prices rose to a record amid tight supply.