Sales of new and existing homes in Triangle up 44% in Oct. compared to same period last year

Sales of new and existing homes in the Triangle jumped 44 percent in October compared to the same month a year ago, according to data from the N.C. Association of Realtors.
At the same time, the average sales price declined 12 percent in October from a year ago, dropping from $248,693 to $219,914.
Last month, MLS data for the Triangle showed that existing home sales in October 2009 in Durham, Johnston, Orange and Wake counties were up 26 percent from the same period last year.
The large jump in sales of new and existing homes compared to last year is an indication of just how bad things were a year ago. The increase in sales and the decline in sales prices also reflects the boost being provided by the first-time homebuyer tax credit, which was set to expire today before the government agreed to extend it into next year.
The tax credit allows first-time buyers to reduce their federal income taxes by 10 percent of the price of a home, up to a maximum of $8,000.
The credit was also expanded to include a tax credit of up to $6,500 for repeat buyers who have lived in their houses at least five years.
The new deadline for both tax credits is April 30 to put a home under contract and June 30 to close.