by Daniel Costello

Home buyers rushed to qualify for an expiring federal tax credit, boosting resales of U.S. homes by 7.4 percent to a 6.54 million adjusted annual rate, the National Association of Realtors reported Tuesday.

The sales pace was the highest since February 2007 and was the third straight large increase. Sales are up 28 percent since August.

Buyers were rushing in November to finalize sales ahead of the Nov. 30 expiration for the tax credit. The tax credit was subsequently extended and expanded to include repeat buyers.