Real Estate News by Melissa

“Real Estate - On Sale!”
 
That is the way the real estate market has felt to all of us, but yesterday's report from the National Association of Realtors® for February 2008 tells us that existing home sales have shown something it has not for over a year – An increase in the number of homes sold, a 2.9% national rise.

We all know that the worst hit markets are in California, Nevada, Arizona, and Florida, so if we look at the number locally here in the Northeast, the data is even more significant showing an 11% increase in the number of homes sold and the first monthly increase in a year.   I know that one month's figures do not make a trend, but these numbers speak for themselves. It was also reported that the homes sold for a .4% higher sales price then one year ago, and this too was the first price increase in over a year in the Northeast!  If this news continues, it would indicate that the bottom of the real estate market in the Northeast was in January 2008.
 
Is the sale over? No.