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Home Sales at 2-1/2 Year High! November 24, 2009

Posted by CraftmarkHomes in Real Estate in the News.

Sales of previously owned U.S. homes jumped last month to their highest level in more than 2-1/2 years, but a fall in an economic gauge was a reminder that recovery from recession would be patchy.

Sales of existing home sales surged a record 10.1 percent month-over-month in October, the National Association of Realtors (NAR) said on Monday, as buyers rushed to take advantage of a popular tax credit for first-time buyers that had been scheduled to end this month.

“Although the data are biased higher from policy measures, we do believe this sharp gain signals pent-up demand and a willingness to purchase homes, which is a good sign for the sustainability of the housing recovery,” said Michelle Meyer, an economist at Barclays Capital in New York.

The White House said on Monday it was reviewing options to spur economic activity and job creation, but stressed any action would be taken in the context of the fiscal challenges facing the country.

Sales of existing home sales surged in October to an annual rate of 6.10 million units, the NAR reported, beating market expectations for a 5.70 million-unit pace and above September’s 5.54 million-unit rate. The housing market is slowly mending after a three-year decline, which helped tip the U.S. economy into its worst recession in seven decades. 

Taken from Lucia Mutikani on WashingtonPost.com

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