Across the country, sale were up 44.1% from November 2008 to November 2009. Realtors attribute this to the availability of the federal tax credit for first-time homebuyers, low interest rates, price stabilization, and a generally improving economy.
According to survey information, first-time homebuyers accounted for 51% of the sales in November of 2009.
Meanwhile, rates ticked up slightly, from a national average of 4.81% to an average of 4.94%. While still at historic belows, many analysts predict that rates will continue their climb early next year, landing above 6% eventually
Housing researchers still express caution about announcing a market recovery, especially when economic indicators are mixed, housing prices remain low, sales are still sluggish when compared to pre-crash levels, and a national forelosure backlog of 1.7 million homes is sitting in the pipeline.
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