More on the November 09 existing home sales report
There was better than expected news on existing home sales in November in large part due to the rush by first time home buyers to qualify for the $8k tax credit (since extended and expanded to existing home owners).
Bloomberg reports "sales of existing U.S. homes in November rose to the highest level in almost three years as first-time buyers rushed to take advantage of a government tax credit and lower prices." Read more.
The National Association of Realtors (NAR) reported that sales increased Nationwide 44.1% in November 2009 compared to November 2008. Prices slipped on a median basis by 4.3% to $172,600. In the South, sales increased 44.8% with the median price slipping 1.4% to $151,400. Read more.
The Charleston real estate market did even better with sales increasing more than 60% from 508 in November 2008 to 812 in November 2009 but prices fell a little more than either nationally or regionally with the median price declining 7.85% from $185,000 in November 2008 to $170,473.
In related news on prices, First American CoreLogic projects short term price declines during the sluggish winter season followed by price improvements beginning in spring with a 1 percent year over year appreciation by October 2010. Read more.
While I think that may be a little optimistic, it does appear that the worst is behind us and that we can look back at the 4th quarter of 2008 during the height of the financial crisis as being the bottom of the housing market.
Based on that and with mortgage rates beginning to climb (rates reset twice today for the worse but are still quoted at 5%), if you are in the market for a home, the lowest prices and the best mortgage rates should be between now and March.
So quit your Christmas shopping and let's go buy a home. 
Happy Holidays!