Sales of existing homes in the U. S. took a big leap in October increasing far more than had been predicted. The National Association of Realtors reported that existing home sales increased by 10.1% to an annual rate of 6.1 million up from 5.54 million in September. Some economists had predicted only a 2.3% increase. This is in contrast to the recent report showing new construction figures were at a low point for the past six months.
The Wall Street Journal reported that of those sales, “30% were distressed, which includes foreclosures. That compares to a range of 45% to 50% in months during late 2008 and early 2009.”
The Multiple Listing Service reports that in October 2008 there were 1,327 pending residential sales and in October 2009 there were 2,295. In Snohomish County there were 503 pending residential sales in October 2008 compared to 975 in October 2009. These are sizeable increases to be sure. The tax credit is helping to spur these sales across the country and in our area. Sales are also being helped by lower prices and very attractive mortgage rates.
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