Existing Home Sales Continue To Trend Upward Nationally

December 29, 2009

Chicago-area home buyers who weren’t willing to bet that a federal tax credit was going to be extended closed on more than 6,826 existing home purchases last month, making November the fifth consecutive month of improved year-over-year home sales for Chicago real estate.

The National Association of Realtors reports that November home sales improved for year over year comparisons, continuing a trend of five straight months of increased home sales across the country.  Perhaps this data comes unsurprisingly as first-time home buyers raced to close on a home purchase before the November 30th deadline for the tax credit that was subsequently extended anyway.  In fact, according to the National Association of Realtors, 51% of the homes sold in November were to first-time buyers.

This news represents a 44% increase from November of 2008, reflected in 6.54 million units sold nationwide.   When the first-time buyer tax credit expires in the end of April, the hope in the industry is that post-credit, that the housing market will be able to sustain the momentum created by the tax credit.

Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6 1/2-month supply at the current sales pace, down from an 7.0-month supply in October.

It’s questionable, though, whether the housing market will see a sixth consecutive month of improvement. Typically, home sales slack off as the holidays approach and buyers don’t come back into the market until after the Super Bowl in late January.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

Leave a Comment