The Virginian-Pilot reported some good news about the housing market in Hampton Roads.

Home sales in the area soared while buyers rushed to beat the deadline for the first-time buyers federal tax credit.

The tax credit has been extended, and expanded to include current homeowners who wish to move into a different home.

Get details about the current federal tax credits for home buyers that expire on April 30, 2010.

"Home sales in South Hampton Roads soared as prices slid during November as first-time buyers rushed to beat the now-extended deadline for a federal tax credit, according to a report released Wednesday.

Last month's sales volume was up 5.1 percent from October and 87 percent over November 2008, according to Real Estate Information Network Inc.

The Virginia Beach-based multiple listing service reported 1,164 homes in the region sold in November, compared with 623 a year earlier.

Despite increased sales, home prices continued to fall, partly reflecting activity by first-time buyers at the low end of the market. The multiple listing service reported that the median price for existing homes in November was $199,950, down 7 percent from a year ago and at the lowest point in 10 months.

November marked the six month in a row of growth in local home sales and the biggest year-over-year gain in 2009. The rebound contrasts with the market a year ago, when sales were plummeting amid deteriorating economic conditions."

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