New Home Sales Post Unexpected Gain

According to an article just released by the Associated Press, after six months of less than stellar numbers in the housing market, sales posted in February were on the rise.  According to the National Association of Realtors, home sales rose 2.9% in the month of February contradicting forecaster’s earlier predictions. This pleasant surprise has led many to believe that the market is stabilizing and overall things aren’t as bad as the seem in the real estate market.

By region of the country, sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest and 2.1 percent in the South. The only region of the country to see a decline in the sales was the West, where they dropped by 1.1 percent.

 On a more local level, the median sales price of homes in Central Texas increased by 2%, but single-family home sales were on the decline according to the Austin Board of Realtors. With the warmer weather and busy season of the real estate industry set to begin, those numbers are expected to rise in the upcoming months.