Sales of existing US homes in November rose more than expected in November, giving a fresh boost to the stabilizing housing market.
Data released by the National Association of Realtors revealed on Tuesday that sales of existing homes jumped 7.4 per cent in November to a seasonally adjusted annual rate of 6.54 million as compared with 6.09 million in the previous month.
Analysts had projected home sale of 6.25 million for November.
The figure was also bigger by 44 per cent as compared with the same period of 2008.
The average sales price in November was $172,600 as compared with $172,200 in October, the first monthly rise since June.
Declined mortgage rates along with federal subsidies such as tax credit of up to $8,000 for first time homebuyers helped in pushing the sales up.
Meanwhile, the government said on Tuesday that the economy grew at an annual rate of 2.2 per cent during three months to September, down from the previous estimate of 2.8 per cent.