U.S. home sales approach eight-and-a-half-year high, prices surge

``The NAR said home sales last month were likely boosted by buyers rushing into the market to beat rising mortgage rates, but it added that strong economic fundamentals were the main driver. Those who already own a home accounted for the bulk of transactions in June, with the share of first-time buyers slipping a bit... While some buyers may be forced out of the market by higher prices, homeowners are seeing their equity rise. That could lead to more houses being put up for sale.''