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Financial News Network
September 22, 2011 AT 9:15 AM
The National Association of Realtors announced that the sales of existing homes increased more than expected in August to the fastest annual pace since March as prices fell and low interest rates attracted more buyers into the market.Sales went up 7.7% month over month to an annual rate of 5.03 million units while the median price was 5.1% lower than the previous years.The NAR also said that the rise in a rent is helping Americans on deciding to purchase homes.