Posted 2:55 am Saturday, October 24, 2009
Home Sales Rise 9.4 Percent In September
From Staff, Wire Reports
WASHINGTON — Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.
WASHINGTON — Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.
After jumping 9.4 percent in September, sales are up nearly 24 percent from the bottom in January, the National Association of Realtors said Friday. But the housing market's momentum could easily peter out if Congress doesn't extend the credit of up to $8,000 for first-time buyers beyond its current Nov. 30 deadline.
John Kindschi, a 33-year-old aircraft mechanic who lives north of Seattle, didn't want to miss out. After a yearlong search, he and his family bought a three-bedroom house for $206,000, completing the purchase last week.
“It was getting down to crunch time,” he said. “We had no idea if the credit was going to be extended.”
“It was getting down to crunch time,” he said. “We had no idea if the credit was going to be extended.”
Tyler Area Home Sales Drop Slightly
The Tyler area, meanwhile, did not reflect the nationwide trend.
Area home sales in September dropped from the same month last year but were only seven units shy, according to Greater Tyler Association of Realtors figures released. The area saw 272 homes sold, compared with 279 the same month last year.
While sales dipped, last month saw the year's highest median sales price at $141,450 -- the highest since June 2008's $145,400, according to figures from the Real Estate Center at Texas A&M University.
Despite the sales decline, at least looking has increased dramatically, according to Realtor.com.
The number of searches for Tyler-area homes increased 63.7 percent in August compared with the same month last year, with the percentage increase ranking 15th nationally and second only to Austin in Texas.
