Existing Home Sales in the US Surge by 9.4 Percent

An industry data released on Friday showed a significant increased in the number of sales in the secondhand homes in the United States in September as more and more buyers took advantage of the government’s tax credit program for first time home owners.

In a survey conducted by the National Association of Realtors, the housing sector, particularly the secondhand homes sales, has jumped over earlier expectations. Sales of previously owned houses and apartments increased to 5.57 million units sold in September easily beating analysts forecasts of just 5.35 million.

Records also showed that it was the highest gain posted by the housing sector in more than two years. It will be recalled that the home sales in the US were among the worst hits in the recession, some even said that the recession started in the sector.

“Traders are now more relaxed and are free to sell units to consumers who wanted to buy homes for their families. They can now buy another home or apartment units that they can sell to other buyers. We are expecting further push from the momentum being carried by the tax credit offered by the government to first time home buyers,” NAR chief economist Lawrence Yun said.

Yun also said that they are now pushing for the administration of President Barack Obama to extend and expand its tax credit programs so that more buyers can avail new or secondhand housing. “We hope that it can be extended and expand at least in the middle of 2010. We have few additional quarters with the help of the program before we can reach the self-sustaining recovery,” he added.