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Sales of Existing U.S. Homes Rise More Than Forecast

Sales of previously owned homes in the U.S. climbed in May to the highest level in more than three years and manufacturing improved in June, bearing out the Federal Reserve’s view that risks to the expansion are abating.

Purchases of existing houses rose 4.2 percent to a 5.18 million annualized rate, the most since November 2009, the National Association of Realtors reported today in Washington. The Federal Reserve Bank of Philadelphia also said its factory index climbed this month to the highest since April 2011, exceeding all forecasts in a Bloomberg survey.