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Pace of U.S. home resales rises to eight-month high

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U.S. home resales rose in June to their fastest pace in eight months, a signal that the housing market was pulling out of a slump.

The National Association of Realtors said on Tuesday existing home sales increased 2.6 percent to an annual rate of 5.04 million units.

That was above analysts' expectations and marked the third straight month the pace of home resales accelerated.

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