Existing-home sales rose sharply in December. Sales during the month increased for the fifth time in the past six months, according to the National Association of Realtors. Existing-home sales — completed transactions that include single-family, townhomes, condominiums and co-ops — rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November. However, sales remain 2.9 percent below the 5.44 million pace in December 2009.

“December was a good finish to 2010, when sales fluctuate more than normal,” said Lawrence Yun, NAR chief economist. “The pattern over the past six months is clearly showing a recovery. The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

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