WASHINGTON - Home resales rose to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
The National Association of Realtors says sales rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million in November, from a downwardly revised pace of 6.09 million in October.
Sales were 44 percent above last year's levels, a record jump. They had been expected to rise to an annual pace of 6.25 million, according to economists surveyed by Thomson Reuters.
For those who do not know it, the tax credit for first time home buyers was extended in November. This extension was good but Uncle Sam added a clause that existing home owners who have owned their home for at least 5 years also get a nice tax credit.
This will encourage those wanting to take advantage of the lower home prices and move into a better home another reason to move up.