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June 20, 2013 10:15 AM, EDT
Existing Home Sales Rise to Highest Level Since 2009

Existing home sales rose 4.2% in May to the highest level in three-and-a-half years, the National Association of Realtors said Thursday.

Sales rose to an annual rate of 5.18 million, the most since November 2009, the group said.

The level topped economists’ median forecast of a 5 million rate, Bloomberg News reported.

The rate increased in part as borrowing costs reach record lows and job gains rebuild confidence, Bloomberg said.