Rise in Existing Home Sales Announced Today

The National Association of Realtors announced today a 7.4% increase in the sale of existing homes in November as compared to October. 6.53 million existing homes were sold in November 2009, 44.1% more than in November 2008. While prices fell, it was the smallest price decline in two years.

The big gain in sales is due in large part to the deadline (which has since been extended) for first time home buyers using the government tax credit, which was originally November 30.

This data truly goes to show that existing buildings in core areas are still holding their own. People understand that while you can change the inside of a home, you can never change the location, which is where the truly value lies.