U.S. existing-home sales rose to their highest level in nearly eight and a half years in June in a sign of pent-up demand that is expected to support a recovery in the housing market and the broader economy.

The National Association of Realtors said Wednesday that existing-home sales rose 3.2% to an annualized rate of 5.49 million units. The National Association of Realtors said last Wednesday that existing home sales increased 3.2% to an annualized rate of 5.49 million units, the highest level since February 2007.

The National Association of Realtors said last Wednesday that existing home sales increased 3.2% to an annualized rate of 5.49 million units. <The association added that this year's sales are on track to record the largest increase in eight years. The association revised the May reading slightly lower to 5.32 million units from 5.35 million in the previous reading. <Economists in a Reuters poll had expected sales to rise last month to an annualized rate of 5.4 million units. Sales increased 9.6 % compared with a year ago.