By Dina ElBoghdady

Washington Post Staff Writer
Monday, November 23, 2009; 12:03 PM

Sales of previously owned homes jumped 10.1 percent in October from September to their highest pace in more than two years, driven in part by a lucrative tax credit for first-time home buyers, according to industry data released Monday.

The National Association of Realtors reported that sales of existing single family homes, townhomes and condominiums surged to a seasonally adjusted annual rate of 6.10 million units last month from a downwardly revised rate of 5.54 million in September -- the highest pace since February 2007. Sales were up 23.5 percent from the same time last year.

Every region in the country experienced a pick-up in sales. Meanwhile, the national median home price fell 7.1 percent to $173,100 in October compared to the same time last year.

The low prices, historically low interest rates and the tax credit all played a part in boosting sales and clearing out an oversupply of homes, particularly the aggressively priced foreclosures, which tend to drag down home prices, economists said. Foreclosures and other distressed properties made up 30 percent of sales last month.

The supply of homes at the end of October fell 3.7 percent to 3.57 million, the lowest level in more than two-and-a-half years, said Lawrence Yun, the realtor group's chief economist. If sales were to continue at the current pace, it would take seven months to sell them. A healthy range is typically six months.

Yun singled out the tax credit as playing the biggest role in energizing buyers. The $8,000 tax credit was to expire on Nov. 30 and many buyers were rushing to beat the deadline, Yun said.

The tax credit has since been extended to April 30 and expanded to include some repeat-buyers, who will be eligible for a $6,500 refund.

Yun and other economists expect the industry to post strong sales gains in November as well.

But given the surge in sales, "a measurable decline should be anticipated in December and early next year before another surge in spring and early summer," Yun said.

According to First Multiple Listing Serivce, four homes sold in Ashford Park in the month of September, 2009. 

2847 North Thompson Road                      4BD/3.5BA                     $690,000

3173 Parkridge Cresent                            3BD/2BA                         $334,250

3224 Parkridge Cresent                            3BD/2BA                         $283,500

1848 Eighth Street                                    2BD/1BA                         $215,000

Becky Veal

According to the First Multiple Listing Service, four homes sold in Ashford Park in August 2009.

2622 Green Meadows Lane             5BD/5BA                    $750,000

1868 Tobey Road                          4BD/3.5BA                 $485,600

1770 Duke Road                           3BD/2.5BA                 $319,000

2909 Cravenridge Drive                  3BD/1.5BA                 $282,500

Becky Veal - Home Source Group

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Ashford Parks inventory levels have drop dramatically in the last year.  This is good news for future sellers.  Go to FreeAtlantaHomeSearch.com to see all homes listed in the Atlanta Metro Area.  Need more information, call the Home Source Group at 678 248-3500.  Click here to see the graph in larger scale

Home Sales in Dunwoody July 2009

According to the First Multiple Listing Service in Atlanta, Georgia six homes sold in July 2009 in Ashford Park.  The following homes sold during this period:

843 Bragg Street                                           $649,000

3038 Knox Avenue                                         $365,000

2794 Tryon Place                                           $325,000

3067  Skyland Drive                                       $315,000

1869 Bragg Street                                          $255,000

1796 Hickory Road                                         $220,000

Becky Veal - Home Source Group

www.FreeAtlantaHomeSearch.com

Click here to see all homes for sale in Sandy Springs, GA

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Chastain Park is one of Atlanta's finest neighborhoods. Chastain Park is filled with charm, great neighboors and located in one of the best location that Atlanta has to offer. Come discover some of Atlanta's best neighborhoods. Now is a great time to buy. Call us today!

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