Existing home sales rebound at record pace

Sales of previously-owned homes rose nearly 21% in June, the National Association of Realtors reported Wednesday. Existing-home sales occurred at a seasonally adjusted annual pace of 4.72 million. It was a major turnaround from May when sales activity dropped to the lowest level since July 2010. All four major regions nationwide experienced a pick-up in sales activity last month, the trade organization said.