The National Association of Realtors reports today that homes sales nation wide rose 6.7 percent in April, that’s up over 3% compared April of 2008. Click here to read the whole article.
Housing affordability and record low mortgage rates have contributed to a surge in sales. Additionally, the first time home buyer tax credit of $8000 was a tipping point for many buyers who may have still been on the fence. And since first-time buyers must finalize their home purchase by November 30 to get the tax credit, greater activity in the months ahead is very realistic.
A recent change in the use of the $8000 credit may also help to generate continued home sales. Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or to make a larger down payment. This is a significant change that could really have an impact on the consumer’s buying power.
Pleasanton real estate sales also saw a surge during the month of May. 74 homes went into contract, up significantly from 25 sales in February and 44 sales in March of this year.
