Existing-home sales grew 10.6% in June to a record annual rate of 5.53 million units, up from 5.0 million units in May, according to the National Association of Realtors.

The group said Monday that June's rate was 8.9% above the level a year earlier. The sales number outstripped analysts' expectation for an annual rate of 5.07 million units.

The group's chief economist, James Smith, said the June rate put the housing market on track for a 5.2 million-unit sales year, up from 4.97 million units in 1998. The Realtors also reported that the median home sale price rose 3.2% from May, to a record $137,000.

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