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Tax credit tied to April increase in new-home sales

Thursday, May 27, 2010

Sales of new homes were up during the fourth month of 2010.
Sales of new homes were up during the fourth month of 2010.

A new joint report from two government agencies may act as evidence that the federal government's tax credit for homebuyers did some good for those who use construction equipment.

According to U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family homes improved 14.8 percent in April when compared to March's annual rate of 439,000. The annual rate of 504,000 posted during the fourth month of the year was 47.8 percent higher than was reported during the same time in 2009.

Bob Jones, National Association of Home Builders chairman, said the tax credit from the government played a successful role in getting consumers to purchase homes. The credit - which gave first-time homebuyers up to $8,000 for their purchase - effectively ended on April 30 of this year.

"Now that the program is over, other great buying incentives continue - including exceptionally favorable mortgage rates, very attractive home prices and the steadily improving economy - so there is good reason to expect the positive momentum to continue," Jones said.

Along with first-time homebuyers, repeat purchasers were eligible for as much as $6,500 for procuring a new primary residence.ADNFCR-2034-ID-19805000-ADNFCR

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