Am I hearing things...

or did home sales increase in February? Finally some good news for our industry!

An unexpected increase of homes sales was recorded in February 2008, which was the 1st time in a year. This news had economists surprised as they were expecting a small decrease. The National Association of Realtors said that existing home sales rose by 2.9%. to an adjusted annual rate of 5.03 million units.

Analysts are also cautioning us not to read too much into this information. They are not expecting a notable gain in homes sales until the 2nd half of this year but they said that February's rise was another sign that the market was stabilizing. The Northeast saw a rise in sales of 11.3%, the Midwest saw a rise of 2.5% and the South saw a rise of 2.1%. The only area that saw a decrease of 1.1% was the West.

Here's to a wonderful Spring Market!