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WASHINGTON: A rush to cash in on tax incentives helped propel sales of existing US home by 10.1 percent in October, giving momentum to the ailing sector, industry data showed on Monday.
The National Association of Realtors said sales of existing single-family homes and apartments rose to a seasonally adjusted annual pace of 6.10 million units, well ahead of market expectations of 5.7 million.
The data showed a small downward revision to September sales figures, but the October level was 23.8 percent higher than a year ago, when the financial crisis had deepened.
"Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November," said association chief economist Lawrence Yun.
"With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer."
Home prices remained under pressure. The median existing home price was down 7.1 percent from a year ago to 173,100 dollars in October.
The association said sales prices have been distorted by distressed properties, which accounted for 30 percent of sales in October.
Many prospective buyers had been rushing to qualify for an 8,000 dollar tax credit for first time home buyers that was due to expire at the end of the year.
Congress however voted to extend the credit and expand it to include other home purchases as well. - AFP/de
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