Sales of Existing Homes Up 9.2%

Sales of existing homes surged 9.2% last month to hit their highest level in almost six years, a real estate trade group reported today.

The National Assn. of Realtors said that existing single-family homes were sold at an annual rate of 3.43 million units in August, the fastest pace since November, 1979. The big increase was attributed to further declines in mortgage interest rates and only modest advances in home prices.