Sales of previously owned homes increased for the third straight month in November to the highest level in nearly 11 years, a new report showed on Wednesday.
Existing-home sales, which are completed transactions that include single-family homes and condominiums, surged 5.6 percent to a seasonally adjusted annual rate of 5.81 million last month from 5.5 million in October, according to the National Association of Realtors (NAR).
After last month’s increase, which was better than expectations, sales are 3.8 percent higher than a year ago and have hit their fastest pace since December 2006.
All regions except for the West saw a jump in sales activity last month.