NAR reports Existing Home Sales up 10% from September 09 and up 23.5% from year earlier!

Well, I have been jumping and screaming this fact all year! Home sales will be close to hitting an all time record in the Phoenix Scottsdale real estate market for 2009. For home buyers out there, timing the exact bottom of any market is impossible. The best action is to make a wise educated decision on your purchase. This data that has been rolling in is finally supporting what us Realtors have seen in the market place all year. That is that homes priced at today’s market value sell within 30 days if not sooner with multiple offers. It is all the over priced homes that are sitting on the market as false inventory. Here is a report thanks to the Market Watch.

By Ronald D. Orol, MarketWatch

WASHINGTON (MarketWatch) — Resales of U.S. homes increased 10.1% in October to a seasonally adjusted annual rate of 6.10 million, the National Association of Realtors estimated Monday.

The 6.10-million rate was the highest since February 2007.

“Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month,” NAR economist Lawrence Yun said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.”

The median sale price for all housing types was $173,100 last month, down 7.1% from October 2008, according to the report. By comparison, the median sales price for September fell to $174,900, down 8.5% from the same period last year, based on NAR’s October report.

Existing condominium and co-op sales also increased, up 13.2% to a seasonally adjusted annual rate of of 770,0000 units in October from September’s pace of 680,000.

The increase in existing-home sales to a 6.10 million pace was larger than the median forecast of economists surveyed by MarketWatch. They had been looking for a smaller gain to a 5.74 million annual rate from a revised 5.57 million in September.