November new home sales seen rising 2.3 percent - KWWL - Eastern Iowa Breaking News, Weather, Closings

November new home sales seen rising 2.3 percent

WASHINGTON (KWWL) - Another sign of recovery in the real estate market is expected Wednesday as the Commerce Department reports on new home sales.

The report covering November is forecast to show a 2.3 percent increase to a seasonally adjusted annual rate of 440,000, from 430,000 in October, according to economists polled by Thomson Reuters.

The increase would be the third in a row, a sign that the housing market is finally on solid ground.

First-time buyers will still be able to save up to $8,000, and now homeowners who have lived in their current properties for at least five years can claim a tax credit of up to $6,500 if they relocate. To qualify, buyers must ink a deal by the end of April.

Some analysts don't think the new deadline will have an immediate impact on sales, because many buyers won't act until last-minute.

Online News Director Nate Leding

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