U.S. Existing Home Sales Rise for a Second Month, Top Estimates

Sales of previously owned U.S. homes rose for a second straight month and exceeded forecasts in November, suggesting consumer demand is picking up as price gains moderate amid more generous inventories.

Contract closings increased from the prior month to an annual rate of 5.32 million, the National Association of Realtors said Wednesday, as the median sales price rose 4.2 percent from a year ago. Meanwhile, the inventory of available homes rose 4.2 percent from a year earlier, the fourth straight increase.