Big Rise in Home Sales

From the National Association of Realtors. It appears that the reduction in prices are bringing buyers back into the market...

Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month.

The National Association of Realtors reported this week that sales of previously owned homes rose by three percent last month, the biggest one-month increase since a 3.3 percent increase in January 2005. Sales of existing U.S. homes rose three percent to a seasonally adjusted annual rate of 6.46 million in January, the highest in seven months.