Existing home sales, which include single-family homes, condominiums and co-ops, showed a nationwide increase of just under 11.5%, to a seasonally adjusted rate of five point three million units. This figure is up from just over 4.75 million units in the second quarter of the year. Current year numbers are just under 6% higher than third quarter figures reported in 2008.
45 states including Washington, D.C., showed an increase, while 28 of those reported double-digit gains.
The chief economist for the NAR, Lawrence Yun stated that the first-time buyer tax credit is the main driving force behind the surge. He continued by saying that buying conditions across the country are the most optimum since 1970; buyer confidence is increasing with more people not feeling the need to wait for a better deal to come along.
The national median price for a home came in at $177,900. This is just over 11% under the third quarter price reported in 2008.
Existing home sales ion the West showed an increase of just over 5.5% to an annual rate of just under 1.2 million, and are up over 4.5% over 2008 numbers. The median price for a single-family home in the West was $224,000 for the third quarter.
The San Diego market saw an increase in Condo pricing: up just over 13% to a median price of $215,000.
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