U.S. home resales soar in July

WASHINGTON — Sales of existing U.S. homes logged their biggest increase since 2006 in July, rising by 24.7 percent from June to a seasonally adjusted annual rate of 5.86 million units, according to National Association of Realtors data. In a Bloomberg survey, economists forecast a median rate of 5.41 million units. The average price soared by 8.5 percent from a year ago, on an unadjusted basis, to the highest level on record. Lower borrowing costs and a backlog of activity deferred during the onset of quarantine drove the boom.