Wednesday, November 3, 2010
September Existing Home Sales Show Another Strong Gain
Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).
National existing home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent in September from August, but remain 19.1 percent below September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.
Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.
Information provided by:
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
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