Home Sales Surge In November

Tuesday, December 22, 2009
Topics: Economy, Other
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A federal tax credit and an abundance of bargains led to a surge in home sales in Ohio and the nation last month. ideastream®'s Bill Rice reports.

many expected the federal first time home buyers’ tax credit to continue to drive sales of new and existing homes.  But sales went well beyond predictions in November, rising nationally 7.4 percent from the previous month, and 44 percent over November the year before, when the economy was in a free fall.

In Ohio, home sales rose more than 31 percent over the same month in 2008.

Jonathan Hall, President of the Ohio Association of realtors, credits several factors, including the tax break, for the boost in sales. 

Hall:  “Right now, with the interest rates being at all time lows, with prices being very affordable right now and with the stimulus from Washington, it’s just a great time to buy and I think the American people are realizing that.”

While the gains are impressive, total home sales for this year in Ohio are down from the total of 2008 by more than 8 percent.  And sales are expected to drop during the winter months, as they typically do.  But the tax credit has been extended into 2010, and expanded to include a break for repeat-buyers.  Realtors hope that will continue to propel a housing recovery.