Home Resales Up Again in November

Washington, DC, Dec. 22, 2009--U.S. home buyers hurried to qualify for an expiring federal tax credit, boosting resales of U.S. homes by 7.4%, the National Association of Realtors reported Tuesday.

The sales pace, an annual rate of 6.54 million, was the highest since February 2007 and was the third straight large increase.

Sales are up 28% since August. Buyers were rushing in November to finalize sales ahead of the Nov. 30 expiration for the tax credit, said Lawrence Yun, chief economist for the real estate lobbying group.

The tax credit was subsequently extended and expanded to include repeat buyers. Economists  were expecting existing home sales to rise to a 6.28 million annual pace in November.