WASHINGTON (Reuters)
July 26, 2004

Sales and prices of existing US homes jumped to fresh record highs in June as homebuyers rushed to take advantage of low mortgage rates, a trade association said Monday.

Sales of previously owned homes rose 2.1 percent to a seasonally adjusted annual rate of 6.95 million units in June from an upwardly revised 6.81 million unit pace in May, the National Association of Realtors said.

Analysts had been expecting a decline to a 6.67 million unit rate. The national median home price rose to $191,800, a new record high.

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