Existing Home Sales Jump To Highest Level in Three Years

Sales of previously owned homes in the United States surged last month as prices continued to fall and buyers rushed to take advantage of a popular tax credit, the National Association of Realtors (NAR) said on Tuesday.
The National Association of Realtors said that sales rose 7.4 percent to an annual rate of 6.54 million units, the fastest pace since February 2007, and higher than the 6.25 million unit pace expected.
October sales were revised lower to a 6.09 million pace from 6.10 million units.
Compared to November last year, sales of existing homes were up 44.1 percent, the largest yearly gain on records dating to 1999.
The median sales price was $172,600, down 4.3 percent from a year earlier, and up 0.2 percent from October.