Home reselling rates in the United States increased in the month of July in its highest rate after three years. This recent turn in the housing sector suggested that the increase in the loan interest rates is having a restricted effect on the industry's recovery.

The National Association of Realtors said that existing sales of homes rose to 6.5% to a yearly rate of 5.39 million units. These numbers were above the expectations of analysts.  The recent development marked the fastest pace of sales since the home buyer tax credit expiration in November 2009. The U.S. home market suffered from the devastation of the financial crisis of 2007-2009. It was only until early 2013 that it began making a turn for the better.

According to Lawrence Yun, Chief Economist of NAR, "The current housing market recovery is on a solid footing," Yun also added that the recent rise in the borrowing rates seemed to have had no effect on home buyers. He also suggested that some might be buying now to keep away from more rate increases that are highly anticipated.

In last week alone, average rates for a 30-year mortgage increase 12 basis points to 4.68%, according to the Mortgage Bankers Association in a report Wednesday. Prices for resale home also increased to 13.7% from last year to USD 231,500. Inventories for unsold homes in the market also spiked to 5.6%, putting the month's supply unchanged to 5.1%, while distressed properties accounted for 15% of at the same period.