Existing Home Sales Hits 10-month High in July

Summary: First-time home buyers took advantage of the government’s tax credit incentives for existing home purchase, which helped sales of previously owned homes to reach a 10-month high in July.

This is the fourth straight month that existing home sales has risen from slump record amid recession.

A new data showed that existing home sales in the US has hit a 10-month high in July as American consumers piled up to take advantage of the low cost and tax credit incentives for first-time homeowners.

According to the poll report, first-time buyers of home took advantage of the government’s tax credit incentives for existing home purchase, which helped sales of previously owned homes to reach a 10-month high in July.

This is the fourth straight month that existing home sales has risen from slump record amid recession.

Records showed that some 61 percent of the respondents projected that sales of existing homes increased to a seasonally adjusted rate of five million annually. The July sales were slightly higher compared to July’s 4.89 million.

It will be recalled that the Obama-administration, under the American Recovery and Reinvestment Act, has provided huge tax credit incentives to first-time homeowners worth $8,000.

The government, on the other hand, boasted the achievement, saying that it has helped in turning the slumped sales of homes in the US.

Government officials predicted that the recession in the home sales would end in November this year.