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Saturday, October 24, 2009
Home Sales Enjoy Sept. Mini-Boom
Journal Staff and Wire
U.S. sales of existing homes jumped in September to the highest level in more than two years, beating expectations, and Albuquerque area sales posted their second-best numbers for the year as buyers scrambled to complete purchases before a tax credit for first-time owners expires.
The National Association of Realtors said Friday that sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.
The median sales price was $174,900, down 8.5 percent from a year earlier, and slightly lower than August's median of $177,300.
In the Albuquerque metro area, September was the second strongest month in the past 12, also buoyed by the nearly expired $8,000 tax credit. There were 661 closed sales in September. That's an increase of 10 percent from the previous month and up 9.4 percent from the same time last year.
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