Purchases of previously owned homes, which account for the vast majority of US sales, edged up 0.7% from October to a seasonally adjusted annual rate of 5.61 million last month, the National Association of Realtors said Wednesday. US home resales unexpectedly rose in November, reaching their highest level in almost 10 years, likely as buyers rushed into the market to lock in mortgage rates in anticipation of further increases in borrowing costs.
