Existing Home Sales Rise 1% in March

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ales of existing homes rose 1% in March to an annual rate of 6.89 million, and prices surged to a record, the National Association of Realtors said Wednesday.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.

Analysts had called for no change from a previously reported 6.79 million, while the NAR had predicted a drop to 6.62 million, Bloomberg reported.

The survey’s results back last week’s “Beige Book” report by the Federal Reserve that residential real-estate markets remain strong, Bloomberg said.