The Washington Post reports that even while sales of newly built homes languished in November, sales of existing homes were up sharply that month. Most of the boost in home sales was attributed to federal programs, particularly the homebuyer’s tax credit, which inspired buyers to take action rather than continue watching the market. November’s existing home sales represented the highest level of sales since February 2007 and boosted housing markets across the country by reducing the inventory of unsold homes.
The National Association of Realtors said that sales of existing homes last November, which includes single-family homes, condos, townhouses and co-ops, rose 7.4 percent from October’s sales. Year over year, November 2009 home sales were up 44 percent to an annual rate of 6.54 million homes—the highest yearly gain since these housing metrics started being tracked in 1999.
The Realtors Association cited the tax credit and lower home prices as the largest factors that drove home sales. Michael Larson, a housing analyst at Weiss Research, had this to say about November’s home sales, “Clearly, the tax credit and the feds meddling in the mortgage market has helped add an extra kicker to home sales in the short term, but that’s not the only factor at work. As housing prices fall, home ownership becomes competitive with renting, and buyers start to come out of the woodwork.”
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