Full article from Yahoo! here.
After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.
Trends are more important than blips. One month does not equal much.
Analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the steep slump in housing will not bottom-out until later this year after prices fall further and allow huge levels of unsold inventories to be reduced.
The median home price was $195,900 in February, down 8.2% from $213,500 in February 2007. The 8.2% drop was the largest on record, NAR said.
For 5 years “they” have been saying interest rates were going to go up. They did but not much. “They” have been saying real estate will turn around in the next 2 quarters for about a year and a half.
As I constantly say here, the market will do what it wants. It doesn’t matter if a boomer or doomer says it, the market controls itself. They can pat themselves on the back later.
