Sales of existing U.S. homes post 7.4% jump for November

12/23/2009 | Los Angeles Times (tiered subscription model)

Driven by a tax credit for first-time homebuyers, sales of existing homes in the U.S. increased 7.4% last month compared with October. The seasonally adjusted annual rate of 6.54 million units was a 44.1% jump from November 2008's 4.54 million, the National Association of Realtors said. Distressed properties accounted for one-third of last month's sales. The median price in November was down 4.3% from the same month a year ago, the association said.

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