According to DataQuick, a total of 8,837 new and resale houses and condos were sold in the Phoenix region, a 12.7 percent increase from the previous month. Compared to October 2011, home sales were 9.8 percent.

Additionally, the median price for these types of properties was $160,000, a 3.2 percent bump from September and 32.2 percent increase from a year ago. This marked the highest price in the market since November 2008 when it was $162,984.

According to a separate report from the W.P. Care School of Business at Arizona State University, the supply in the Phoenix area market improved in October as well. After seeing a short supply for many months, the market saw a 31 percent increase in homes available for sale in the past three months.

With more homes available for sale, an increasing amount of buyers may enter the home buying market, as they will be more likely to find a property they are willing to buy.

According to DataQuick, a total of 2,898 new and resale homes and condos were sold in the Portland-Vancouver-Beaverton metro area, a 9.4 percent increase from the previous month. On a year-over-year basis, sales were up 35.5 percent. In the past eight years, sales have declined an average of 1.4 percent between September and October.

Meanwhile, the median price paid for new and resale homes and condos was $229,900, a 1.1 percent bump from September, and 9.5 percent increase when compared to October 2011. This marked the eighth consecutive month of year-over-year jumps.

Many of the country's real estate markets have been able to avoid the winter downturn as a result of record low mortgage rates. According to Freddie Mac's latest Primary Mortgage Market Survey, fixed-rate mortgage averages were slightly higher than all time lows in the week ending December 6.

According to the New York State Association of Realtors, 7,839 home sales were closed in October, a 4.3 percent year-over-year bump. Through the first 10 months of the year, a total of 77,383 sales were closed, 6.6 percent higher than the same period last year. Additionally, pending sales were up 18.1 percent compared to October 2011.

The median sales price hit $209,000, up 2 percent from $205,000 last year at this time. This was the fifth consecutive month of annual bumps.

"Through October, the New York State housing market made solid progress and our outlook was for increased sales and median sales price growth trends to continue," said Duncan MacKenzie, NYSAR CEO. "However, following Superstorm Sandy, the massive housing markets in the federally declared disaster areas were essentially put on hold."

Despite improvements in October, Sandy added to the foreclosure problem in New York. According to RealtyTrac, October foreclosure activity increased 123 percent. 

The NAHB/First American Improving Markets Index was up by 76 to a total of 201, while the number of states that had at least one metro represented in the index increased from 38 to 44. In order to be included, metros must have shown improvement in housing starts, employment and house prices for at least six straight months.

In December, 84 new metros were added to the list, including Atlanta, Ann Arbor, Michigan and Seattle, while eight were dropped from the index.

"This fourth consecutive month of expansion in the IMI, coupled with the fact that well over half of all metro areas are now represented on the list, is in keeping with the upward trends that we’ve been seeing all year in terms of housing starts and sales, builder confidence and other measures," said NAHB Chief Economist David Crowe.

Continued improvements in the real estate market have helped fuel the economy. According to the UCLA Anderson Forecast, the housing market has become the leading source of strength for the economic recovery.

According to the Houston Association of Realtors, single-family home sales increased 32.7 percent on a year-over-year basis, which marked the 17th straight month of sales gains.

This large jump in home sales brought the inventory of homes for sale in Houston down to a 4.4 months supply, the lowest level since December 2001.

Additionally, foreclosure sales declined 10.9 percent compared to the same period last year, and made up 15.5 percent of all sales. This was the lowest monthly foreclosure sales volume of the year.

"Home sales throughout Houston were incredibly strong in October and sent the supply of homes down to 4.4 months, which is the lowest level we've observed in 11 years," said Wayne Stroman, HAR chairman. "Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report."

The Houston real estate market has been one of the healthiest in the country and the Texas A&M Real Estate Center believes it can survive the fiscal cliff for numerous reason, including smart building, more jobs and fewer foreclosure than many other markets.
 

According to the Miami Association of Realtors, pending sales of single-family homes and condominiums increased 67 percent in October on a year-over-year basis from 2,488 to 4,172. On a month-to-month basis, pending sales were up 18 percent.

"The Miami real estate market is poised for another record year, that would surpass the all-time sales record set in 2011," said Martha Pomares, 2012 chairman of the board of the MIAMI Association of Realtors. "Strong demand persists despite the shortage of housing inventory, and listings are increasingly selling at a more rapid pace, driving significant price appreciation."

Increasing demand has benefited sellers, as they have been able to sell their homes closer to their asking price. Those who have sold single-family homes were able to get 95 percent of their asking price, while condominium sellers were able to receive 97.1 percent.

The surge in housing demand can be partially attributed to mortgage rates hovering near record lows in the past few months. According to Freddie Mac, both 15- and 30-year fixed-rate mortgages averaged near all-time lows in the week ending December 6, which could help keep demand high. 

According to the Massachusetts Association of Realtors, 3,685 single-family homes were sold in October, a 0.9 percent increase from the previous month. However, on a year-over-year basis sales were up 22 percent and have now increased in 16 consecutive months compared to the previous year.

Additionally, the median price for a single-family home was $292,000 in October, a 1.6 percent decline from September. Compared to last year, the median price was up 4.4 percent, which was the largest annual jump since June 2010.

"Because median prices took their biggest jump since the last month of the home buyer tax credit this could be a strong sign of the start of an upward trend," said MAR president Trisha McCarthy. "While the number of closed sales in October rebounded nicely, inventory continues to be a factor for buyers and sellers in the market."

Despite the minimal improvement in October, The Warren Group said that sales between the months of January and October were up 22 percent compared to the same period in 2011.

The government-sponsored enterprise's Primary Mortgage Market Survey showed 30-year fixed-rate mortgages were up from 3.32 to 3.34 percent. A year ago at this time, 30-year FRMs averaged 3.99 percent.

Additionally, 15-year FRMs averaged 2.67 percent, a slight increase from the 2.64 percent average in the previous week. Last year, 15-year FRMs averaged 3.27 percent.

"Mortgage rates were little changed and near record lows this week amid indicators of economic growth and signs of tame inflation," said Frank Nothaft, vice president and chief economist at Freddie Mac.

The Federal Reserve's third round of quantitative easing has helped mortgage rates stay near record lows since September, which has benefited home sales.

According to the National Association of Realtors, the Pending Home Sales Index was up 5.2 percent in October to 104.8 in October. This could be a potential sign  that November home sales will benefit from the month's low interest rates. 

Kansas City Fed researchers said that lower income individuals have been taking on more debt including auto and credit card debt, they have been avoiding mortgage debt. According to the Fed's data, borrowers in the two lowest income brackets who have added mortgages or home equity lines in the past couple years is about 50 percent of that of the top three income brackets.

If low income borrowers become more willing to take on mortgage debt, the real estate market could see increased demand.

Although the Fed's plan to lower interest rates hasn't drawn in low income households, it has worked. According to Freddie Mac's Primary Mortgage Market Survey, 15- and 30-year fixed-rate mortgages were just slightly above all-time lows in the week ending November 29. Both are also well below averages seen at the same time a year ago.

According to CNNMoney, the fiscal cliff could be one of the biggest issues. If Congress and the White House don't reach a deal between now and the end of the year, the economy could take a hit, which wouldn't be good for home prices. With less net income, Americans will be less likely to buy a home, which could threaten the price gains seen this year.

Additionally, the potential ridding of the mortgage interest tax deduction could also have an impact on real estate. This tax break was initiated to encourage homeownership, and if canceled, buyers may be discouraged from purchasing bigger, more expensive homes, as they wouldn't have the tax deduction on their mortgage interest.

Despite these fears, home prices have been able to increase for much of this year. According to the Standard and Poors/Case-Shiller Home Price Indices, U.S. home prices were up 3.6 percent in the third quarter.

Increasing home prices have been the driving force behind the real estate market's recovery, and if they are threatened the entire market could take a hit.