On Thursday a National group said, sales of U.S. preowned homes sales 6.8% in March.
Realtors including Miami real estate agents have been counting on an increase in sales of preowned homes brought on by the extended federal tax credit for buyers. According to the National Association of Realtors in Washington, the March sales reached an adjusted annual rate of 5.35 million units, up from Febuary’s 5.01 million and 16.1% above the March 2009 pace of 4.61-million-units.
Chief economist for National Association of Realtors in Washington, Lawrence Yun, said the federal tax credit that was a "resounding success." Miami real estate agents and econimists are not sure whether or not sales of preowned homes for sale in Miami will hold up after the tax credit expires.
Michael D. Larson, a housing and interest-rate analyst with Weiss Research said he was confident that even after the tax credit expires on April 30 that homes including homes for sale in Miami will remain reasonably priced and financing costs will remain low.
Last month the national median home price was $170,700, up 0.4% from the same month the prior year, the Realtors group said.
In the West, sales of preowned homes rose 6.6% in the West, 7.1% in the South, 7.2% in the Midwest and 6% in the East.
Contributed by MLR Realty
