Thursday, July 9, 2009

More Homes are Selling

More good news! The National Association of Realtors (NAR) announced this week that existing-home sales increased in May as more homebuyers chose to take advantage of favorable affordability conditions and the $8,000 first-time buyer tax credit.
According to NAR, existing-home sales -- including single-family, townhomes, condominiums and co-ops -- increased 2.4 percent in May, representing the first back-to-back monthly gain since September 2005. In addition, a NAR survey showed that there were 10 percent more buyers looking at homes this May, compared to May 2008.
According to NAR Chief Economist Lawrence Yun, "historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable. ... First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory."

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: or