Existing home sales increased 11% last month according to the October figures released by the South Central Kansas MLS. Existing homes sales in October totaled 746, up from 672 units in September 2009. The median sales price of existing homes in October increased 1.9% on a year over year basis.
New home sales increased in October to 94 units, which represents a 8.0% increase compared to September 2009. The October median sale price of new homes decreased to $165,087 from $168,000 in September 2009.
Existing home inventory this month was down 3.5% with 3,327 homes in inventory compared to 3,446 last month. The existing home inventory this month is 3.4% higher than it was a year ago when the existing home inventory was 3,217.
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Source: Wichita Area Association of REALTORS® and the South Central Kansas MLS
Monday, November 23, 2009
Thursday, November 5, 2009
Congress Extends Homebuyers Tax Credit
President Obama is expected to sign a bill passed by Congress today extending and expanding the first-time homebuyer tax credit to homes under contract before May 1.
The credit, equal to 10 percent of a home's purchase price, remains capped at $8,000 for first-time homebuyers, but income limits have been raised.
Congress also approved an expansion of the credit to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another.
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Source: Inman News, Thursday, November 5
The credit, equal to 10 percent of a home's purchase price, remains capped at $8,000 for first-time homebuyers, but income limits have been raised.
Congress also approved an expansion of the credit to allow homeowners who have been in a principal residence for at least five of the last eight years to claim a tax credit of up to $6,500 if they sell that home and buy another.
Read Full Article
Source: Inman News, Thursday, November 5
Wednesday, November 4, 2009
Senate Extends Homebuyer Tax Credit
The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.
The refundable credit, which was included in the financial stimulus package in February, was set to expire at the end of November. But the real estate, mortgage and construction industries had pushed for an extension of the credit beyond the deadline. The new legislation extends the maximum $8,000 tax credit for first-time homeowners to April 30, 2010. It also includes a maximum $6,500 tax credit for existing homeowners who want to purchase a new abode. However, they need to have lived in their current home for five consecutive years within the past eight years.
Source: by WebCPA Staff, November 4, 2009, www.webcpa.com
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