Sales of existing homes grew by 7.4% in November and 44% higher than in November 2008, the National Association of Realtors reported yesterday.
Last month, home sales were at a seasonally adjusted annual rate of 6.54 million units, compared with October's revised figure of 5.54 million units and the 4.54 million units sold in November 2008.
The sales are the highest since February 2007.
The association said the growth was fueled by consumers rushing to meet the deadline for the first-time homeowner tax credit, which has since been extended.
Last month, the median price for an existing home was $172,600, down from 173,100 in October and 4.3% below than November 2008.
In November, existing home sales increased from October's levels in the Northeast, Midwest, South and West by 6.6%, 8.4%, 4.8% and 10.6%, respectively.
Existing home sales rose from their November 2008 levels in the Northeast, Midwest, South and West by 52.7%, 53.5%, 44.8% and 28.1%, respectively.