Home sales in October were once again extremely robust. There were 11,917 signed purchase agreements during the month, up 58.0 percent from last year.
With the home buyer tax credit extended and expanded, we can expect that first-time home buyer activity will remain strong, but don’t bank on the same blockbuster numbers we saw this year. If you were a potential first-time home buyer who was qualified to purchase in 2009, odds are pretty dang good that you already bought. The fact that the income limits have been raised for eligibility does help since it widens the credit’s availability.
The $6,500 credit for second-home buyers will spur some sellers in the low-to-mid price ranges to put their homes on the market who had previously been on the fence. New listings will likely increase this winter and into early 2010 as a result.
