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December 2009 Home Sales Drops Info

Sales of previously occupied dropped by more than expected in December after lawmakers gave buyers more time to use a tax credit.

The National Association of Realtors said Monday sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million in December, from an unchanged 6.54 million in November.

Economists surveyed by Thomson Reuters had expected a 10 percent drop, but buyers apparently were no longer scrambling to qualify for a tax credit of as much as $8,000 for first-time homeowners.

The credit was due to expire on Nov. 30, but Congress extended the deadline until April 30.

The median sales price was $178,300, up 1.5 percent from a year earlier and the first yearly gain since August 2007.

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