Signed contracts for new home sales rose for the eighth straight month.
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The September Pending Home Sales Index from the National Association of Realtors (NAR) spiked 6.1% to 110.1, consolidating a 6.4% gain in August. It was the index's highest level since December 2006, when it stood at 112.8.
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Most of these sales, analysts say are due to the First Time Homeowners tax credit that expires at the end of November.
Since the credit ends on November 30th, there is expected to be a downturn in sales unless Congress passes some kind of extension.
It is expected that any fall off in home sales after the tax credit is done is going to be temporary.
11-04-2009, 08:38 AM
Home sales rise in September.
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