A recent survey suggests that the homebuyers credit was not as big a factor in home buying decisions as previously believed:
But in a recent NAR survey, only 6 percent of first-time home buyers—who made their purchase during the 12 months ending last June—cited the tax credit as the primary reason behind their decision. The results suggest that other factors, such as attractive interest rates and falling home prices, deserve more of the credit for the market's recent uptick, says Keith Gumbinger of HSH.com. "The most powerful force at work is the desirability of buying a home and the market conditions—that's your mortgage rates and your prices," Gumbinger says.H/T U.S. News and World Report
The tax credit (and the recent extension) will actually prop up prices. The credit thus appears to be hindering the volume of sales.