Existing Home Sales Rise 5.6% in November

Washington, DC, Dec. 22, 2010 -- House resales rose 5.6% in November to a rate of 4.68 million, the National Association of Realtors said Wednesday.

Economists expected a rate of 4.66 million.

Sales were still 27.9% below prior-year levels and below the 5.26 million in June when a homebuyer tax credit existed.

In November 2009, activity was sparked by anticipation that the tax credit was due to expire. Lawrence Yun, the NAR's chief economist, said current sales are back to levels before the existence of the tax credit but said they won't be "sustainable" until they get back to 2000 levels of about 5.2 million.

The median price edged up 0.4% to $170,600.