According to a report released today by the National Association of Realtors, existing home sales in October reached their highest level in more than 2-1/2 years.
The report states that existing home sales rose 10.1 percent last month to a seasonally adjusted annual rate of 6.1 million units, up from the downwardly revised rate of 5.54 million in September. The numbers indicate that sales activity is the highest since February 2007, when the annual rate was 6.55 million.
The increase in home sales is assumed to be attributed to the $8,000 homebuyer tax credit, which was due to expire at the end of November, but has now been extended to April 30, 2010.