US home sales surge to highest level in 3 years

The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.

Previously occupied home sales are on track for their best year in five years. November's sales were the highest since November 2009, when a federal tax credit that was soon to expire spurred sales. Excluding that month, last month's sales were the highest since July 2007.

Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.

"The report is encouraging, and the positive momentum established in the housing market during 2012 appears likely to continue into 2013," Michael Gapen, an economist at Barclays Capital, said in an email.

Superstorm Sandy delayed some sales in the Northeast, the Realtors' group said. Those delayed purchases will likely close in the coming months, though the increase will be modest, the group said.

Even so, sales rose 6.9 percent in the Northeast last month compared with October. Sales increased 7.2 percent in the Midwest, 7.9 percent in the South and 0.8 percent in the West.

Job growth and low home-loan rates have helped drive purchases. Prices are also rising, which encourages more potential buyers to come off the sidelines and purchase homes. And more people may put their homes on the market if they feel confident they can sell at a good price.