Existing home sales rose 7.2% in July as buyers took advantage of historically low prices as first-time buyers took advantage of a tax credit, the National Association of Realtors said on Friday.
Existing home sales rose 7.2% in July as buyers took advantage of historically low prices as first-time buyers took advantage of a tax credit, the National Association of Realtors said on Friday.
The annual rate was 5.24 million units, versus an extimate of 5 million and up from 4.89 million units in June.
"There is no question that the housing market is showing continued signs of bottoming but this is the busy season, and the $8,000 credit has been a big help to the lower end of the housing market," said Peter Boockvar, managing director at Miller Tabak.
"Sine it's now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September," said NAR President Charles McMillan. "Otherwise, they may miss the November 30 closing deadline."
FOX Business.com
Friday, August 21, 2009