Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of REALTORS®.
Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the fourth quarter of 2008.
N.C. was no exception. Existing home sales for the state increased 8.4 percent in the fourth quarter and increased a staggering 31.4 percent over last year's figures.
Lawrence Yun, NAR chief economist, said the first-time homebuyer tax credit was the dominant factor. "The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates," he said. "With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices."
For more information, follow the link below.
http://www.realtor.org/press_room/news_releases/2010/02/metro_state
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