Existing-Home Sales Have Risen Again

According to the NATIONAL ASSOCIATION OFREALTORS®, first time home buyers rushed to close sales before the original Nov. 30 deadline for the first time home buyers tax credit. The rush of buyers during the month of November created a gain in existing home sales.

The gains in November included the following figures:

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770,000 in October, but are 60.1 percent above the 481,000-unit pace a year ago. The median existing condo price was $178,000 in November, which is 3.1 percent below November 2008.

Since there appears to be a lot of strong optimism regarding the future of the real estate market, why not make 2010 the year you purchase a home? Contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert. I can help you find your Hoboken dream home.

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