Existing-Home Sales Record Another Big Gain, Inventories Continue to Shrink

According to National Association of Realtors®,  existing-home sales showed another big gain in Octorber driven by the first-time buyer tax credit.

More information from realtor.org:

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.

Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “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.””

http://www.realtor.org/press_room/news_releases/2009/11/record_big

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