Sales of previously owned homes rose in September by 9.4% to a seasonally adjusted annual rate of 5.57 mln units, the highest sales level recorded since July 2007. Economists were expecting home sales to rise to 5.35 mln units from the 5.10 mln units reported in August (since revised down slightly to 5.09 mln). Existing home sales are now up 9.2% from September 2008.
The National Association of Realtors said about 29% of last month's sales were of distressed homes and approximately 31% of September buyers were first-time homeowners. NAR attributed much of the month's sales increase to the $8,000 first time homebuyer tax credit. NAR Chief economist Lawrence Yun said: 'We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of self-sustaining recovery.'
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