The National Association of Realtors announced today that existing home sales in February increased 5.1 percent as compared to January 2009. While home sales were up, the inventory of unsold homes also rose 5.2 percent to 3.80 million units, representing a 9.7 month supply.
“February’s uptick in existing home sales is encouraging because it follows the significant drop in sales that occurred in January. I suspect folks then were hesitant as they awaited the details of President Obama’s housing plans,” said Bill Emerson, CEO of Quicken Loans.
“This increase in sales should continue as favorable home prices, low mortgage rates and the $8,000 first-time home buyer tax credit are attractive incentives that seem to be enticing more buyers to the closing table.”
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- Learn more about the $8,000 first-time home buyer tax credit.
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