U.S. home resales hit surprise 17-month high

WASHINGTON ― Sales of existing U.S. homes in August rose unexpectedly to their highest level in nearly a year and a half, according to data from the National Association of Realtors. Home resales increased by 1.3% to a seasonally adjusted annual rate of 5.49 million units in the second consecutive month of gains. In a Reuters poll, economists predicted a 0.4% decline to 5.37 million units. The pace of the increase, the first annual gain in 17 months, was the fastest in more than two years.