Credit Suisse report predicts continued rise in Existing Home Sales

Analysts at Credit Suisse published a report forecasting a further increase existing home sales.  The National Association of Realtors (NAR) are reporting the Existing Home Sales numbers for October on Monday, November 23, 2009.   The consensus for most analysts is that the number will rise 2.3% to 5.7 million sales, but Credit Suisse estimates an increase of 6%  to 5.904 million.  They base this on the increase numbers see in the pending home sales index also released by the NAR. The Honolulu Board of Realtors housing statistics shows an increasing number of sales by 15% from last month for single family homes and 10% for condominiums.

The increase in the existing home sales could likely be a result of the first time home buyer tax credit and it remains to be seen if this trend will continue into 2010.