The spring home buying season appears to be out in full force, despite the beleaguered economy. Home sales are up in most markets, and prices are even trending up in some areas as well. It still is too early to call a market bottom — especially considering the potential foreclosure situation — but this appears to be a positive trend nonetheless.
Spring buying season typically starts in February, and the resulting increase in demand traditionally causes prices to strengthen, and that’s exactly what happened this February as transaction counts increased month-over-month in 22 of the nation’s 25 metropolitan statistical areas (MSAs) tracked by Radar Logic. Home prices also improved in nine MSAs, compared to just six MSAs in February 2008.
“Seasonal strength in home sales was evident in February 2009,” said RadarLogic in its RPX Monthly Housing Market Report released today. “Transactions increased…13 MSAs posted their largest month-over-month increases since 2006.”
Source: NuWireInvestor.com
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