October home sales went up 10.1 percent, beating the expectations, as tax credit prompted sales.
For second month in a row in October, home sales ascended to the highest level in two and a half years as first time buyers hurried to take advantage of an expiring tax credit.
According to the data showed on Monday, home sales are now up to nearly 36 percent far from their bottom in January, although the sales are still 16 percent below the peak in autumn of 2005. There is only a 7-month supply of homes on the market and in some areas where there are bidding wars.
The National Association of Realtors stated that home…