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Rising U.S. Home Sales Suggest Bottom is Near

  • May 4th 2009

by Mark Wellborn

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Rising U.S. Home Sales Suggest Bottom is Near: Figure 1

The National Association of Realtors announced that pending U.S. home sales rose 3.2 percent from February to March, the second straight month that sales increased and a good indication that home prices are nearing the bottom.

The good news, which boosted U.S. stock prices, was largely driven by buyers looking to take advantage of discounted prices and low interest rates.

Despite the latest increase, NAR chief economist Lawrence Yun said that it will still be a few months before the market really gains momentum.

“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/rising_u.s._home_sales_suggest_bottom_is_near/870.

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