Existing Home Sales Rise in November

Existing homes sales increased 6.5% in November, while the median price of a home fell 15% from the same month last year, the biggest drop on record, the National Association of Realtors said Monday.

Home sales rose to an annual rate of 4.74 million homes, NAR said.

Economists had forecast home resales would fall to an annual rate of 4.4 million, Bloomberg reported.