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Home deals in US beat expectations
By Martin Crutsinger |
May 25, 2010, Tuesday
|
Print Edition
Print Edition
HOME sales in the United States surpassed expectations for April as government incentives provided a temporary boost to the housing market.
The National Association of Realtors yesterday sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million units economists had expected.
The increase in sales sparked a rise in home prices. The median price for a new home rose to US$173,100, up 4 percent from a year ago.
The government provided a big boost to home sales this spring by offering first-time buyers a tax credit of up to US$8,000. Homeowners looking to upgrade were able to qualify for a credit of up to US$6,500.
The National Association of Realtors yesterday sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million units economists had expected.
The increase in sales sparked a rise in home prices. The median price for a new home rose to US$173,100, up 4 percent from a year ago.
The government provided a big boost to home sales this spring by offering first-time buyers a tax credit of up to US$8,000. Homeowners looking to upgrade were able to qualify for a credit of up to US$6,500.
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