Sales of existing homes increased 4.5% in...

Sales of existing homes increased 4.5% in April, the biggest advance in 17 months, as buyers rushed to close deals before interest rates went up, a real estate trade group said. The National Assn. of Realtors said existing single-family homes were sold at a seasonally adjusted annual rate of 3.48 million units last month, following increases of 2.5% in both February and March. John Tuccillo, chief economist for the association, predicted that sales would be slowed in the months ahead by rising mortgage rates.