By ALEX VEIGA, Associated Press Business Writer

Sales of previously occupied U.S. homes rose in November to their fastest pace since March as home shoppers were encouraged by a wider selection of properties on the market, despite rising mortgage rates.

Existing home sales rose 4.8% last month, from October, to a seasonally adjusted annual rate of 4.15 million, the National Association of Realtors said Thursday.

Sales accelerated 6.1% compared with November last year, representing the biggest year-over-year gain since June 2021. The latest home sales topped the 4.1 million pace economists were expecting, according to FactSet.

Home prices increased on an annual basis for the 17th consecutive month. The national median sales price rose 4.7% from a year earlier, to $406,100.

There were 1.33 million unsold homes at the end of last month, down 2.9% from October, but up 17.7% from November last year, NAR said.

That translates to a 3.8-month supply at the current sales pace, down from a 4.2-month pace at the end of October last year, but up from 3.5-month pace in November last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.