Sales of previously owned homes rose 5.6% to a 4.68 million annualized rate in November, according to the National Association of Realtors.
While it was the third gain in four months, sales were down 27.9% from year-ago levels, which was the initial deadline for the first-time homebuyer's tax credit.
Distressed homes made up 33% of sales in November, down slightly from 34% in October and the same as November 2009.
Purchases of single-family homes rose 6.7% to a 4.15 million annual rate in November from October, but sales of condominiums and co-ops fell 1.9% to 530,000.
NAR Chief Economist Lawrence Yun was optimistic about 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said.
The inventory of homes on the market fell to 3.71 million, or 9.5 months of supply, from 3.86 million, or 10.5 months of supply. The median price of all existing homes sold during November was $170,600, up just 0.4% from a year ago.
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