Wednesday, October 24, 2012

Home Sales Highest in Two Years

Posted By on Wed, Oct 24, 2012 at 1:27 PM

U.S. home sales are at their highest level in more than two years, new figures from the Commerce Department show.

The department announced today that new home sales rose 5.7 percent in September to a seasonally adjusted 389,000. That's up from 368,000 in August and the highest level since April 2010, when a federal homebuyer tax credit inflated sales.

New home sales are up 27.1 percent in the past year, although they're still well below what's considered "healthy levels." The housing market has been struggling to recover since a collapse in 2006 and resulting recession.

But home sales are increasing, giving confidence to new builders and homebuyers, and record-low mortgage rates held down by the Federal Reserve are spurring recovery in the sector, according to Reuters.

Sales last month jumped in three of the four regions. They tumbled 37.3 percent in the Midwest.

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