Sales of existing U.S. homes exceeded forecasts for the month of October, rising 10.1 percent and climbing to the highest level since February of 2007.
Inspired in part by a tax credit appealing to first time buyers, purchases hit a 6.1 million annual rate, up from 5.54 million in September according to the National Association of Realtors. The median sales price fell 7.1 percent since October of last year, a comparatively gentle drop and the smallest in over a year.
Existing home sales were projected to reach a 5.7 million annual rate but the declining price of homes along with the $8,000 stimulus incentive have helped surpass expectations and successfully begin revitalizing the worst housing market in decades.
Last week the slip in the stock market had people doubting that the rebound from the recession was the real deal but economists predict that this housing increase is the beginning of a holistic improvement for the market and bound to last.
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