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Plunge in US house deals deeper than expected
By Alan Zibel |
January 26, 2010, Tuesday
|
Print Edition
Print Edition
SALES of previously occupied homes in the United States took the largest monthly drop in more than 40 years last month, plunging far deeper than expected after lawmakers gave buyers extended time to use a tax credit.
The National Association of Realtors yesterday said sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million in December, from an unchanged pace of 6.54 million in November. Sales had been expected to fall by about 10 percent, according to Thomson Reuters.
Buyers were no longer scrambling to qualify for a tax credit of up to US$8,000 for first-time homeowners. It had been due to expire on November 30, but the deadline was extended until April 30.
The median sales price was US$178,300, a rise of 1.5 percent from a year earlier and the first yearly gain since August 2007.
The National Association of Realtors yesterday said sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million in December, from an unchanged pace of 6.54 million in November. Sales had been expected to fall by about 10 percent, according to Thomson Reuters.
Buyers were no longer scrambling to qualify for a tax credit of up to US$8,000 for first-time homeowners. It had been due to expire on November 30, but the deadline was extended until April 30.
The median sales price was US$178,300, a rise of 1.5 percent from a year earlier and the first yearly gain since August 2007.
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