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Existing homes sales increased in November to the highest level since February 2007, the National Association of Realtors said Tuesday.

Sales increased 7.4% to an annual rate of 6.54 million homes, the group said in its monthly report.

Economists had forecast home resales would rise to an annual rate of 6.25 million from an initially reported 6.1 million pace in October, Bloomberreported.

Median prices for existing homes fell to $172,600, Bloomberg said.