Sales of Existing U.S. Homes End 2011 on High Note: Economy

Sales of previously owned U.S. homes rose in December to the highest level since January 2011, adding to evidence residential real estate was stabilizing heading into the new year.

Purchases increased for a third month, climbing 5 percent to a 4.61 million annual rate, the National Association of Realtors said today in Washington. The gain helped push the number of houses on the market to a six-year low.