US Home Sales Rise – Why Buyers Bought in Slow Month

by Property Management Software on December 31, 2009

Real Estate Property Sales Increase

Real Estate Property Sales Increase

Sales of previously owned homes soared 7.4% in the traditionally slow month of November as buyers looked to take advantage of a tax credit for first-time purchases, an industry group said this morning.

Sales of single-family houses, town homes, condominiums and co-ops rose to a seasonally adjusted annual rate of 6.54 million units in November, the National Assn. of Realtors in Washington said.

That is 44.1% above the 4.54 million sales pace of November 2008.

The 7.4% rise reported today was compared with sales in October 2009.

The median price for all types of existing homes was $172,600 in November, a 4.3% drop from November 2008. Distressed properties accounted for 33% of sales in November, the Realtors group said.

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