Home sales both nationally and locally had their strongest performance of 2009 in November. Undoubtedly aided by the deadline on the 2009 First Time Homebuyer Tax Credit, sales showed modest gains over a strong October 2009 and substantial gains from a year earlier (November 2008).
Nationally, sales were 44.1 percent higher than in November 2008, the National Association of Realtors reported yesterday, with 51 percent of the purchases attributable to rookie buyers. Locally the comparison between November 2009 and 2008 was much more significant with Chester County sales up 82%, Delaware County up 101% and Montgomery County 81%.
Experts anticipate that the market may hit a lull in the early part of 2010 as buyers take their time looking prior to the April 30 deadline for the expanded and extended tax credit. Two things to keep an eye out: will mortgage rates begin to rise and will the inventory of houses continue to decrease (they’ve gone down considerably over the last few months in the three Suburban West counties)
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