Existing Home Sales Highest in Three Years

Washington, DC, Dec. 20, 2012 -- Home resales rose 5.9% in November to an annual rate of 5.04 million, the highest rate since November 2009, according to the National Association of Realtors.

NAR credited growing momentum in the housing market from an economy that is adding jobs and new household formation.

The rate in October was revised down to 4.76 million from a prior estimate of 4.79 million.

Sales are up 14.5% from a year ago. The median existing-home price rose 10.1% from the prior year to $180,600.