Sales of existing single-family homes in the United States rose 5.4% in July. from the June level to a seasonally adjusted rate of 3.88 million, the National Association of Realtors said Wednesday.

The jump was much larger than expected and brings home sales to their highest annualized rate all year. The increase was the third straight monthly advance and followed a revised 1.7% gain in June. The rate is up 14.8% over a year ago.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.