156 Hamilton St., Leominster, MA

National Association of Realtors® reports a big gain in existing-home sales for October and attributes the gain to the first-time buyer credit.  Single-family, townhouses and condos accounted for nearly 6.10 million units sold.

The first-time buyer credit program was due to expire on November 30, 2009 and many home buyers pushed to find suitable properties and close in time to take advantage of the credit.  This push likely skewed the numbers for October and will certainly impact the numbers for November.  The heavily anticipated extension of the first-time home buyer credit came in mid November, by that time many of the real estate closings being pushed had been scheduled to meet the deadline.

With the push over for now I expect a measurable decline through December and early next year. That may be the bad news, but the good news that we are due to experience another push as the extended deadline draws closer in early spring 2010.  As always, I am guardedly optimistic.