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December 29, 2004 10:00 AM, EST

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ales of previously owned homes rose 2.7% in November to a record 6.94 million annual rate, the National Association of Realtors said Wednesday.

Resales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.

November's increase followed a revised 6.76 million annual sales pace the month before. This year, 6.14 million previously owned homes have been sold, surpassing last year's record of 6.1 million in 2003.

Economists forecast a 6.75 million annual rate of sales in November, the same as the previously reported pace for October, Bloomberg reported.

ales rose 6.5% in the West to an annual rate of 1.97 million, 1.8% in the South to 2.83 million; and 0.7% in the Midwest to 1.39 million. Sales fell 1.3% in the Northeast to 740,000.