The housing market is making a comeback, but it’s not impressing anybody. New home sales rose a tepid 0.7 percent last month, missing Wall Street expectations.

Builders are seeing a drop-off in foot traffic because homebuyers are running out of time to take advantage of a federal tax credit of up to $8,000 for first-time owners.

The new home sales report tallies sales contracts signed in August, rather than final purchases. And to qualify for the credit, both the construction and the sales transaction must be completed by the end of November.

One of the nation’s largest builders, KB Home, eased back on its promotions for the tax credit last month and saw sales decline.

Full story is available on Associated Press