Existing home sales rise

WASHINGTON, Dec. 21 (UPI) -- Sales of existing homes rose 4 percent from October to November to hit a 10-month high, the National Association of Realtors said Wednesday.

Existing home sales in November came in at a seasonally adjusted annual rate of 4.42 million, up from 4.25 million in October.

Sales are 34 percent above the cyclical low reached in mid-2010, NAR Chief Economist Lawrence Yun said in a statement.

"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," he said.

NAR said the median sales price for existing homes in November was $164,100, unchanged from October, but down 4 percent from November 2010.