On the back of Federal programs designed to ensure that the housing market jump starts after being hit by one of the worst global recessions of all times, sale of previously owned homes managed to hit the highest level recorded since February 2007 for the month of November.

As reported on Tuesday by the National Association of Realtors, sales of existing town-homes, family accommodations, condominiums and cooperatives surged by a whopping 7.4% in November, as compared to the previous month, to a seasonally adjusted yearly rate of 6.54 million residential property units.

As compared to last year, sales for November were up by an astonishing 44%, which has been the highest annual growth recorded since the record keeping and data tracking began in 1999.

"Clearly, the tax credit and the feds meddling in the mortgage market have helped add an extra kicker to home sales in the short term, but that's not the only factor at work. As housing prices fall, home ownership becomes competitive with renting, and buyers start to come out of the woodwork", said Michael D. Larson, a housing analyst at Weiss Research.

For November, the median price for previously owned houses was $172,600 which is, however, a fall of 4.3% compared to last year.