(wire)
NAR: Home sales down 16.7%
Existing home sales last month declined 16.7 percent, having brought the figure to a seasonally adjusted, annual rate of 5.45 million units.
Analysts surveyed by Briefing.com had expected the December sales rate to dip to 5.9 million annual units, as November initially marked the last month in which sales to first-time homebuyers could qualify for a federal tax credit of up to $8,000.
However, that deadline has since been extended through April 30, and now includes a new credit of up to $6,500 for some home owners, so the number of homes sold were even less than analyst's projections, the National Association of Realtors reports.
Analysts surveyed by Briefing.com had expected the December sales rate to dip to 5.9 million annual units, as November initially marked the last month in which sales to first-time homebuyers could qualify for a federal tax credit of up to $8,000.
However, that deadline has since been extended through April 30, and now includes a new credit of up to $6,500 for some home owners, so the number of homes sold were even less than analyst's projections, the National Association of Realtors reports.
