The National Association of Realtors (NAR) just released its Existing Home Sales data for February (2008). Surprisingly, the sales data showed a modest uptick nationally, with sales of existing single family homes up 2.9% over January. The northeast showed the strongest performance, posting an 11.3% gain over January. Sales are still down compared to the previous year, with sales nationally off 23.8% over Feb. 07, and down 26.4% in the northeast region. Its certainly too early to tell if the one month uptick may indicate some stabilization in the real estate market, but it is the first month to not post a decline over the previous month since last July.
On the price front, the median price nationally was down 8.2% over Feb. 2007, while in the northeast prices were essentially flat year over year, posting a 0.4% increase. But in the northeast, prices didn’t peak until last June, and since then the median sales price has posted a 10% decline.