Existing-home sales increase 4.0%

Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors (NAR).

The November figure came in at a seasonally adjusted annual rate of 4.42 million, up 4.0% from October's pace, and up 12.2% from November 2010.

“Sales reached the highest mark in 10 months and are 34% above the cyclical low point in mid-2010 -- a genuine sustained sales recovery appears to be developing,” said Lawrence Yun, NAR chief economist. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”

Also released  were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.

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