Closed Home Sales in June Boom Fueled by Tax Credit Deadline

The Multiple Listing Service of Long Island, Inc. released June Long Island housing figures recently and reported a combined 3,885 closed home sales for Queens, Nassau, and Suffolk counties. June’s closed sales activity represents the second highest month ever reported by MLSLI for the number of monthly closed transactions as homebuyers were motivated to close their transactions before the expected June 30th tax credit deadline. However, at the last minute the Senate passed the bill that included extending the tax credit closing date to September 30th for eligible transactions.
Many would-be June buyers bought during the tax credit period, so as expected, June contracted sales posted a 21 percent decrease from June 2009. The tax credit incentive seems to have shifted buyers forward into March and April, who possibly would have purchased their home in May and June.
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