With Home Sales Rebounding in February is an Improving Housing Market Right around the Corner

By Mark J. Donovan

There is a sign that the housing market may be beginning to bottom out. The National Association of Realtors (NAR) reported that home sales increased 2.9% in February.

This is certainly a positive sign in the housing market; however the rest of the news with this report was not so good. The report also indicated that housing prices dropped precipitously, with the average medium sale price on existing homes falling to $195,900. The NAR reported this was the biggest year over year price drop in existing home sales since 1999.

Whether or not this is truly the beginning of a recovery of the housing market or not, getting a little positive news in a market that has gone through a major correction over the past couple of years is a good sign of things to eventually come.