Existing home sales climbed 7.4% in November to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors reported. Home buyers rushed to close their sales before the original expiration date for an $8,000 tax credit for first-time buyers was set to expire November 30. Last month, Congress decided to extend and expand the credit to April 30 to help the housing market sustain its recovery. The NAR estimated that about two million homebuyers have taken advantage of the credit so far and forecasts that another 2.4 million will use it by the middle of next year. First-time buyers made up about half of all transactions last month, driving sales up 44.1% from November 2008. Sales are now up 45.7% from a low point in January. In a sign that home prices are stabilizing, the median sales price of an existing home was $172,600 in November, down 4.3% from a year earlier, and up 0.2% from October. Moreover, the inventory of unsold homes on the market fell about 1% to 3.5 million. That’s a 6.5 month supply at the current sales pace, the lowest level in three years.