1st-time buyers take $7M in tax credits
Single-family home sales rise 53%, condo sales 48% with stimulus incentive
The credit helped pump up demand for homes.
In April, single-family home sales surged 52.9 percent to 286, from 187 a year earlier. Condo sales jumped 48.3 percent to 390, from 263 in the same period.
It’s unclear how many of those sales were spurred by the tax credit program, and whether the end of the program will cause sales to fall.
Some economists say stimulus programs can have the effect of advancing sales that would have occurred later had there been no stimulus. If that is the case, there could be a drop in sales activity after the stimulus is gone.
In one sign that sales could see a dip ahead, the number of home purchases that were pending in April was down sharply — 60 percent — for single-family homes compared with sales pending in April 2009. Condo purchases pending in April were down 22 percent.
**Please note that this is state wide information