Sales of Existing Homes Up 1.1%

Sales of existing single-family homes rose a modest 1.1% in August, pulled up by strong demand in the South, a real estate trade group reported today.

The National Assn. of Realtors said sales of existing homes rose to a seasonally adjusted annual rate of 3.67 million units last month after a 5% decline in July. The increase was attributed to the desire of home buyers to beat rising mortgage rates, which have been inching up since early spring.