Sales of Existing Homes Rise as Buyers Grab Foreclosures

Existing home sales continued on an upward though unsteady path in the first quarter of this year, thanks in large part to sales of foreclosures and other discount properties.

Home sales rose in 49 states and Washington, D.C., according to a report released Tuesday by the National Association of Realtors. Total existing home sales increased by 8.3 percent to 5.14 million, up from 4.75 million in the last quarter of 2010. The only state not to not see growth in the quarter was Vermont.

The uptick can be largely attributed to more investor and repeat-buyer purchases. Investors made up 21 percent of sales, up from 18 percent a year ago, while repeat buyers were 47 percent of the market, up from 40 percent.