The Bureau of Census (HousingMatrix.com) reports surge in home sales

Existing home sales surged for the third month in a row, September, October and November 2009...rising 7.4% in the number of sales.  November saw the largest gain since February 2007 and home resales are 44.1% above a year ago!!!   More than half of allsales were first time buyers.  The record low prices, great interest rates and Tax Incentives were guessed to be the primary reasons for the surge. 

By region the changes in units sold November over October were as follows

Northeast 6/6%
Midwest 8.4%
South 4/.8%
West 10.6 %

Inventory is short in supply with supply and demand more balanced.  In some areas, like California where we are reporting, there is a serious shortage of supply causing multiple offers on anything under $500,000 in the San Francisco East Bay area.  This starts to increase prices as credits asked for by buyers are dwindling.  Appraisals tend to follow the REO and Short Sale market though, so perhaps the prices will not rise as quickly as a market not dealing with those challenges.  All and all, at least in the West, we are feeling as though the 2010 market will be better for sellers, tougher for buyers, and for those that want something before the April 30^th deadline for the tax credit, it may take 5-15 offers to secure a property, so get your Realtor now and get started on that house hunt.