National Association of Realtors survey released today reported that existing home sales rose in many metro areas in the 3rd quarter. The report states that existing home sales for all states rose over 11%, and that seasonally adjusted this represented a rise of 5.3 million units in the 3rd quarter compared to 4.75 in the 2nd quarter.
Lawrence Yun, NAR chief economist, said the tax credit is a significant factor. “We can’t underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector,” he said. “It’s given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal.”During the third quarter, 123 out of 153 metropolitan statistical areas2 reported lower median existing single-family home prices in comparison with the third quarter of 2008, while 30 areas had price gains.
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