NAR reports existing home sales hit record pace in August

Sales of existing homes rose 5.5 percent to a record pace in August, the National Association of Realtors (NAR) said.

Sales of previously owned homes climbed to a seasonally adjusted annual rate of 6.47 million units from a revised 6.13 million unit rate the month before. The number easily surpassed expectations of analysts polled by Reuters who forecast a rate of 6.05 million homes.