The National Association of Realtors reported that existing home sales rose 6.8% in March to 5.35 million units — up from 5.01 million in February. Compared to March 2009, when 4.61 million units were sold, last month’s figure was 16.1% higher.
This increase could be attributed to the rush of people still trying to take advantage of the federal tax credit before it expires next week. The resurgent economy also contributed to the positive home sales numbers. The Labor Department recently reported that, for the first time in three weeks, the number of claims for unemployment benefits fell by 24,000 this week to 456,000.
In addition to the federal tax credits, many first-time homebuyers in New York are applying for loans through the State of New York Mortgage Agency (SONYMA), which also offers low deposit requirements and down payment assistance.
It has been reported that mortgage rates took a dip last week after skyrocketing for the past few weeks, still hovering a bit above 5%. While not at record lows, these rates should still entice prospective homebuyers.
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