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Fourth Quarter Existing-Home Sales Surge in Most States

Existing-home sales rose 13.9 percent in the fourth quarter

Bergen County Real Estate News

According to the latest survey by the National Association of Realtors (NAR), total state existing-home sales rose 13.9 percent in the fourth quarter, and are up 27.2 percent compared to the fourth quarter of 2008.

Existing-home sales increased from the third quarter in 48 states and the District of Columbia, and year-over-year sales were higher in 49 states and D.C., with all but three states having double-digit annual increases.

"The surge in home sales was driven by buyers responding strongly to the tax c redit, combined with record low mortgage interest rates," said Lawrence Yun, NAR chief economist.

In addition, the national median existing single-family home price was 4.1 percent below the fourth quarter of 2008, marking the smallest price decline in more than two years.

According to Yun, this new data supports "broadly balanced housing market conditions in much of the country by late spring, with more areas showing higher prices."

To read the full report, click here.