NAR reports surge in US home sales in April

| May 24, 2010
NAR reports surge in US home sales in April

The National Association of Realtors (NAR) has today revealed a rise in sales of previously owned homes in the US for the month of April, boosted by the expiration of a Government tax credit, which ended last month.

The industry body said sales surged 7.6% in April (a five-month high) to an annual rate of 5.77 million units, up from a revised 5.36 million in March.

Furthermore, the figure is up 23% on April 2009 levels.

US home sales this year have been boosted by low mortgage rates and two tax credits: up to $8,000 for new buyers and $6,500 for current owners who buy and move into another home.

To qualify for the tax credit, borrowers had to have a signed offer by 30 April and the deal must be finalised by 30 June.

Lawrence Yun, chief economist for the NAR, comments: “No doubt there will be some temporary fallback in the months immediately after it [tax credit] expires, but other factors also are supporting the market.”

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