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Oct 24, 2009 9:02 AM by Associated Press

Home resales in the west post 5 percent annual gain

Two new reports say home sales surged in the Western United States last month as many first-time homebuyers rushed to complete their deals before an $8,000 tax credit expires Nov. 30.

The National Association of Realtors said Friday sales in the 13-state region rose 5 percent from September a year ago. Foreclosures and other financially distressed homes continued to dominate transactions in some parts of California, Arizona and Nevada. Nationally, sales posted an 8 percent annual increase in September.

The Associated Press-Re/Max Monthly Housing Report said several major Western metros registered sales increases last month. Las Vegas, Phoenix, Honolulu, San Francisco, San Diego, Portland, Ore., Albuquerque, N.M., and Boise, Idaho posted an annual increase in home sales. Denver, Los Angeles, Seattle and Anchorage, Alaska, all saw sales drop last month from year-ago levels. Sales in Las Vegas soared more than 32 percent compared to the same month last year.

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