August Existing Home Sales Surge to Near Record

September 26, 2005 10:15 AM, EDT

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ales of existing homes rose to the second-highest level on record in August, to a 7.29 million annual rate, the National Association of Realtors said Monday.

The rise was up from a revised 7.15 million rate in July, the group said.

The July drop exceeded analysts’ forecast of a 0.6% decline to 7.12 million homes from July’s previously reported 7.16 million pace, Bloomberg reported.

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.