WASHINGTON - (07/27/04) -- Mortgage rates are ticking up, whichmay be one big reason sales of previously occupied homes remainedhot during June. Sales unexpectedly rose to a record 6.95 millionannual pace in June, and in the process have pushed prices to theirhighest ever. Existing home purchases increased 2.1% from a 6.81million-unit rate in May, the National Association of Realtorssaid. The median selling price rose 5.2% to a record $191,800.Analysts are crediting the still relatively low interest rates withmore people holding jobs as the drivers for the ongoing surge inhome sales. Home sales this year are expected to surpass the recordset in 2003.
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