Highest Level of Existing Home Sales Since 2007

According to a real estate industry report, in October, in more than 2-1/2 years, existing home sales shot to the highest level.

In October, sales activity increased by 10.1%, to 6.1 million annual units, which was more than expected.

Last month, up from the decreasingly revised rate of 5.54 million in September, existing home sales rose 10.1% to a seasonally adjusted yearly rate of 6.1 million units, according to The National Association of Realtors.

The sales defeated forecasts of 5.7 million annual units, and were 23.5% above the 4.94 million-unit pace of 12 months ago, according to Briefing.com.

The report added, the gain was possibly due to an increase of buyers looking to make the most of the $8,000 tax credit that President Obama made available for qualified new home buyers.

Since February 2007, sales activity is the highest, when the yearly rate was 6.55 million.

At the end of last November, the tax credit was set to end, but it has been extended to Friday, April 30 and is now available to non-new home buyers.

Source: cnnmoney.com