Existing Home Sales Up 10 Percent in October
With buyers pushing to meet the Nov. 30 deadline for the new homebuyer tax credit, sales of existing homes jumped more than 10 percent in October, according to the National Association of Realtors (NAR).
The credit—as we've reported about extensively—was extended earlier this month. The ten percent jump is higher than analysts expected, but with hoards of buyers rushing to close in October (and probably November too), there may be a steep drop in sales in coming months.
After all, the pressure's off again.
The next deadine for the extended credit is April 30. Here's NAR's chief economist Lawrence Yun on the subject:
“Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.”