U.S. home resales rise unexpectedly in August

WASHINGTON — August saw a surprise spike in sales of existing U.S. homes, which rose by 1.3% to a seasonally adjusted annual rate of 5.49 million units, according to the National Association of Realtors. This second consecutive monthly gain puts home resales at their highest level in 17 months. Economists polled by Reuters had expected sales to edge down by 0.4% Meanwhile, July’s rate of 5.42 million units was left unrevised.