Existing home sales resumed their growth trend in September, with sales having risen for five of the past six months, the National Association of Realtors reported on Friday.
Existing home sales, which include single family houses, townhomes, condominiums and co-ops, rose 9.4 percent to an adjusted annual rate of 5.57 million units in September from 5.1 million in August.
Sales activity was at its highest level in more than two years since 5.73 million units were sold in July 2007, the Association said.
NAR’s chief economist Lawrence Yun attributed “much of the momentum” to people taking advantage of the government’s first-time buyer tax credit.
He was “hopeful” that the tax credit would be extended and expanded to more home buyers “because the rising sales momentum needs to continue for a few additional quarter until we reach a point of self-sustaining recovery.