Existing Home Sales Are Up

There’s a glimmer of hope in the housing market. Existing home sales increased in February 2009, at a rate of 5.1 percent, according to the National Association of Realtors (NAR). Chief economist Lawrence Yun says that first-time buyers accounted for half of all home sales last month, with activity centered in the lower price ranges. He attributes this increase to more potential homes buyers learning about the $8,000 tax credit for first time buyers.

Merle Schneider of the St. Charles County Association of Realtors notes that “locally, most of the statistics are better than the national numbers. More buyers are looking for homes and we are in the traditional spring-early summer home buying season.”

Schneider, who is co-owner of SCHNEIDER Real Estate, adds “with the stock market beginning a slight rebound, buyers and sellers have a more positive outlook on their financial futures. Home ownership has always been the core value for American security. Recent statistics show that we have begun to re-invest in housing stability.”

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