US home sales hit fastest pace since March with more properties up for sale

AP Business Writer

Sales of previously occupied U.S. homes rose in November to their fastest pace since March as home shoppers were encouraged by a wider selection of properties on the market, despite rising mortgage rates. Existing home sales rose 4.8% last month, from October, to a seasonally adjusted annual rate of 4.15 million, the National Association of Realtors said Thursday. Sales accelerated 6.1% compared with November last year, representing the biggest year-over-year gain since June 2021. The latest home sales topped the 4.1 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 17th consecutive month. The national median sales price rose 4.7% from a year earlier, to $406,100.