Existing home sales climb in November

The National Association of Realtors reported existing home sales increased in November compared to October, and showed figures above those experienced in November 2010.

According to the NAR, total existing home sales grew 4 percent to an annual rate of 4.42 million units in November, up from 4.25 million in October. The total sales are also 12.2 percent above the 3.94 million unit pace seen in November 2010.

"We've seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today's market for buyers with long-term plans," said Lawrence Yun, NAR chief economist.

As more buyers are purchasing homes, certain markets are showing promise of recovering. In an interview with Business Insider, Trulia's chief economist Jed Kolko said five specific housing markets are primed for rising prices, new construction and stronger job growth in 2012.

Kolko predicts Austin, Texas; Houston, Texas; San Jose, California; the suburbs of Boston, Massachusetts; and Rochester, New York, have experienced growth and show no signs of slowing down in the upcoming year. These markets have reported stabilizing home prices, resilience against the economic downturn and potential growth in the future.

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