Sales of previously owned homes rise in November

This is just a rush of people purchasing homes before the mortgage rates increased higher than what they were expecting.

Sales of previously owned homes edged up in November, the third increase in four months after a dismal summer for home-buying.

The National Association of Realtors says people bought previously owned homes at a seasonally adjusted annual rate of 4.68 million units last month, a gain of 5.6 percent from October.

The increases follow the worst summer for home sales in more than a decade. Even with the gains, sales were about 10 percent below the 5.2 million sales pace that analysts consider a healthy pace for housing.

The national median price for a home sold in November was $170,600

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