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Home sales jump in October, beating expectations23 Nov

This is a great article in USA Today about the surge in pre-existing home sales in October.  A rush of buyers into the market trying to take advantage of the First Time Home Buyer Tax Credit before  it expired is the most likely reason for such an uptick.  With the credit being extended and expanded, this strong sales should continue into the new year.

Home sales surged for the second month in a row in October, climbing to the highest level in 2½ years as first-time buyers rushed to take advantage of an expiring tax credit.

Home sales nationwide are now up nearly 37% from their bottom in January, data Monday showed, though they are still 16% below the peak in autumn 2005. At the current sales pace, there is only a 7-month supply of homes on the market and in some areas there are bidding wars.

Joey Wilson, 53, and her husband made unsuccessful offers on 20 Las Vegas homes since midsummer before closing on a four-bedroom, $136,000 home this month.

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