Sales of Existing Homes Up 5.9% in November

iStockphoto/Thinkstock(WASHINGTON) -- Sales of existing homes are again picking up. The National Association of Realtors says sales surged 5.9 percent when you compare October to November.

Those sales were the most sales of any month since November 2009 when a federal tax credit for first-time home buyers expired.

“Momentum is continuing to build in the housing market,” said Walter Maloney, of the National Association of Realtors, “from growing jobs, surging household formation with low rental vacancy rates, rising rates, combined with record low mortgage rates.”

Sales are up nearly 15 percent from a year ago, but still below what's considered healthy for the housing market.

Copyright 2012 ABC News Radio

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