US Previously Owned Home Sales Edge Up From a 13-Year Low
- Contract closings rose 0.8% in November from lowest since 2010
- Median home price increased 4% from a year ago, to $387,600
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Sales of previously owned US homes unexpectedly rose in November, led by a pickup in the South and representing a respite in a two-year downturn caused by higher borrowing costs and a lack of inventory.
Contract closings increased 0.8% from a month earlier to a 3.82 million annualized rate, still near the lowest since 2010, according to National Association of Realtors data released Wednesday. The median forecast in a Bloomberg survey of economists called for a 3.78 million pace.