U.S. home sales soared to their highest level ever in June, buoyed by rising incomes and home values, and a belief among consumers that, despite rising mortgage rates, now is a good time to buy a home.

According to the latest figures from the National Association of Realtors, existing home sales surged 10.6% in June to an annualized rate of 5.5 million, reversing the 4.8% drop recorded in May, and keeping the industry on target to reach the NAR's estimate that 5.2 million homes will be sold in 1999 - which would be a fourth consecutive record.

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