U.S. existing home sales rise for third straight month

A small but positive trend in the U.S. housing sector continues, with sales rising along with summer's temperatures.

Bolstered by the sale of low-priced and foreclosed houses, U.S. existing home sales rose 3.6 percent in June to a seasonally-adjusted annual rate to 4.89 million units, the National Association of Realtors announced Thursday.

Economists surveyed by Bloomberg News had expected June existing home sales to total a 4.85-million-unit annualized rate. Sales totaled a 4.77-million-unit annual pace in May.