According to the Las Vegas Review Journal, single family home sales continued to rise in October with rising home prices too.
3,535 homes were sold in October, up 5.3% from September and up 30.1% from the same time a year ago.
The median home price is up to $139,100, up from $138,000 in September and up from $135,500 in August. It is still down 26.8% from a year ago.
Inventory remaind steady at 21,000 units, though most of the listings are contingent sales or pending sales. Only 8,075 remain available.
Most of the boost seems to be attributable to the federal $8,000 homebuyer tax credit and the extension of this bill will assist future sales.
"Recent data show the dismal housing market making a turnaround, but there are still supply and demand issues that will hamper the recovery", said Whitney Tilson of T2 Partners, New York.
"Low interest rates, falling home prices and the first time homebuyer tax credit have all contributed to a season upturn in housing. However, total inventory is triple what's actually being reported", Tilson said. He estimate there are twice as many homes in foreclosure or near foreclosure yet to be listed for sale with a wave of losses still to come on prime loans and jumbo loans. "The rebound has been stronger than we've anticipated", Tilson said. Still, he remains confident that this is the "mother of all head fakes".
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