9.4% surge in existing home sales in the month of September! Isn’t it surprising? If you are the one who went through tough times during recession, then here’s good news for you. According to a recent report revealed by the National Association of Realtors the housing market has finally begun to stabilize.

Lower prices and the expiration of tax credit have lured many first time home buyers. Sales rose 32% during the third quarter from the same time last year, showing positive signs of a strengthening real estate market. Fueled by a soon to expire tax credit for first time buyers home sales rose sharply in Lane County last month.

Regional Multiple Listing Service reported a total of 297 home sales in September this year, compared to 241 in September 2008, indicating an increase of 23.2 percent. Pending sales were up by 38.4 percent during this period. The tax credit “is a significant influence in the consumer confidence arena,” said Lorena Teer, president of the Eugene Association of Realtors. She also said that, “The whole market right now is going to be driven by consumer confidence. With signs that the economy is beginning to recover from the recession, the local real estate market is getting back to normal”.

According to the Real estate industry officials both the increase in sales and the decrease in the median price is the result of first-time homebuyers getting into the market usually in the lower price range to take advantage of the federal tax credit. People are becoming hopeful that things are getting better and they have started to spend money on the things they need to live. This is a great signal that people are buying and gobbling up the deals on homes across the country.

National Association of Realtors reported that the existing home sales were up across the country. Though, the median price of an existing home has fallen by 8.5% compared to last year but the prices have stabilized from their free fall during recession. Thus, the housing market has finally begun to climb out of the rapid decline in property values.

This rebound in home sales is indeed a very positive sign. Well, this gives us a brief view about how the real estate market is recovering from recession. There are statistical signs of recovery even though it’s not a full blown recovery. Looking forward to a booming Real Estate Market………Aren’t you?

written by REI Circle (www.reicircle.com)