Existing home sales up nationwide

Existing home sales are on the rise nationwide, according to a third-quarter report from the National Association of Realtors. Total existing home sales reached a seasonally-adjusted annual rate of 5.3 million in the third quarter, up from 4.76 million units in the second quarter and 5.01 million units in the first quarter of the year, the report, released today, says. That increase marked an 11.4 percent jump, quarter-over-quarter. A little over half the states saw double-digit percentage increases in existing home sales. That spike in sales is due in large part to the first-time homebuyer tax credit, according to Lawrence Yun, chief economist at NAR. “We can’t underestimate just how powerful a catalyst the first-time homebuyer tax credit has been for the housing sector,” Yun said. “It’s given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions.” TRD