Sales Pace Up from Year-Ago
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.14 million in the first quarter, down 14 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit.
However, when compared with the first quarter of 2009, sales were up 11.4 percent from 4.61 million. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun says.
Sales volume increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down.
NAR President Vicki Cox Golder says there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is—shelter that provides social benefits and is also a good long-term investment.”
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