Sales of existing homes exceeded expectations of economists in November. 

The number of existing homes sold is at its highest level in 2 years.  The continued rise is thanks in large part to lower interests rates, decreased listing prices and government incentives. 

“Housing is in recovery mode,” Aaron Smith, a senior economist at Moody’s Economy.com said before the report.  “The combination of the homebuyers’ tax credit, good affordability and looser credit conditions going forward will continue moderate gains in housing.” 

In addition, the U.S. economy has grown at a 2.2 percent annual rate in the third quarter.