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Existing-home sales jump 13% in West, 9.4% nationwide19 Nov

Just like anyone that has been looking for their first home to buy, the market is hot. With the extension and expansion of the Home Buyer Tax Credit, sales of homes has been brisk and should continue to stay strong into the beginning of next year.

First-time homebuyers helped drive up existing home sales nationwide — and especially in the western states, including Colorado — according to the latest figures from the National Association of Realtors.

Sales of existing homes jumped 9.4 percent, to a seasonally adjusted rate of 5.57 million units in September from 5.1 million units in August. Sales activity is at its highest level in more than two years, according to NAR figures.

Cheaper homes, coupled with the first-time homebuyer credit, are behind the increase, 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 a self-sustaining recovery,” he said in a news release.

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