The latest numbers from the National Association of Realtors are cheering news for the industry, reports USA Today. For the third month out of four, sales of existing homes rose. This time, the November sales topped the previous month by 0.6 percent.

The NAR's chief economist tells the paper that this means the housing slump has hit bottom. (That sentiment was also expressed by Prof. Keith Schwer of UNLV when he released the Center for Business and Economic Research's latest Southern Nevada indices.)

It's a buyer's market. Prices fell in November and the industry is expecting another fall in December because of the overhang of unsold inventory, which forces sellers to cut prices. Prices in Clark County have fared better than that and seem to be holding steady, although some of that is artificially propped up by the condo market.

Again the drum beat is that we've hit a more sustainable market but it would be nice to see some action rather than just being told that the levels are sustainable. That gets old when construction employment is shrinking in the valley. The decline is documented in the latest employment figures which saw 400 construction jobs disappear.