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Home sales spike in November

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Home sales spike in November

Buyers in the Baltimore region snapped up homes in November as interest rates jumped up, prices rose and the number of homes for sale declined, according to a new study released Monday.

Home sales in Baltimore City and the five surrounding counties surged to 2,863, up more than 20 percent from November 2015, the research firm ShowingTime RBI reported. Pending contracts also climbed more than 10 percent, topping 3,300 — the highest level for November in a decade, according to the study, which is based on listing activity from the MRIS regional listing service.

Analysts attributed the sales growth to a range of factors, including rising incomes and relatively warm weather that prolonged the fall season. The anticipation of rising interest rates probably pushed many buyers as well.

Federal Reserve officials have talked for months about possibly increasing interest rates at the December meeting of its board of governors, which got underway Monday.