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The American housing industry got some unexpected good news on Monday as falling home prices seem to be encouraging buyers to return to the battered market.

The National Association of Realtors reported the results of its latest housing survey on Monday, beating Street expectations. The report showed sales of existing homes increased by 2.9%, to 5.03 million units in February, from 4.89 million in January. According to Thomson Financial, the Street had expected a decline of 0.8%, to 4.85 million units.

Although February’s numbers are still well below the all-time high of 7.072 million units set in 2005, the increase shows that the housing crisis may be waning.
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Tags: home sales, real estate

This entry was posted on Monday, March 24th, 2008 at 8:16 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.