Realtors: October Home Sales Up 24% Over Last Year
The federal first-time homebuyer tax credit and low interest rates accelerated home sales to their quickest pace since February 2007, according to the National Association of Realtors.
The association said sales of single family homes, condominiums and townhomes increased to an annualized rate of 6.1 million units in October, 10.1 percent greater than the previous month and 23.5 percent better than October 2008.
During the month, buyers rushed to take advantage of the $8,000 first-time homebuyer tax credit available from the federal government before it expired. The government has since extended the credit through April 2010.
Interest rates in October averaged slightly less than 5 percent, compared to 5.06 percent in September and 6.2 percent in October of last year.
The national median home price for all types of homes was $173,100 in October and supply fell 3.7 percent to 3.57 million units, a 7-month supply.
WBJ Web Partners
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