Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate of 4.15 million units.

Sales were 6.1% higher than November 2023. This is the third-highest pace of the year and the largest annual gain in three years.

This count is based on closings, so contracts were likely signed in September and October. Mortgage rates had fallen to an 18-month low in September but then…