November home sales rose nationally by 7.4 percent and are at the highest level in nearly three years.
Sales last month were bolstered by the first-time homebuyer tax credit, which was set to expire Nov. 30. These buyers purchased 51 percent of the homes sold in November.
That $8,000 tax credit was extended for the first four months of 2010 and expanded to grant a $6,500 credit to move-up buyers.
Sales of existing homes rose to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, the National Association of Realtors reported Tuesday. Sales rose 44 percent from the 4.54-million-unit pace in November 2008.
"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead," said Lawrence Yun, the association's chief economist.
Yun said he is hopeful that the market, which has been propped up by the federal government incentives, would be self-sustaining by the second half of 2010.
Total housing inventory fell by 1.3 percent to 3.52 million existing homes for sale or a 6.5-month supply at the current sales pace. The national median existing-home price was $172,600 last month, a 4.3 percent decline from the same month last year.
Source: http://www.miamiherald.com/classifieds/real-estate/story/1394773.html
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
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