U.S. Existing-Home Sales Rise From Eight-Month Low

Sales of existing homes climbed in July from an eight-month low, showing the cheapestmortgage rates on record are underpinning a market struggling to join the U.S. economic recovery that began three years ago.

Purchases increased 2.3 percent to a 4.47 million annual rate, figures from the National Association of Realtors showed today in Washington. The data were posted on the group’s website ahead of the usual 10 a.m. release. The median forecast of 73 economists surveyed by Bloomberg called for a rise to a 4.51 million rate.