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The Housing Market Keeps Improving

 
The good news in the rebounding housing market continues to pour in. According to Reuters, new home sales jumped 4.7 percent to 337,000 sales in February from 322,000 in January, the fastest sales growth in 10 months. Despite the jump in sales, February marks the second lowest number of home sales in a month since 1963. It is beaten out only by the previous January, the slowest month for home sales ever recorded. The upbeat data prompted several economists to note the economy had "stabilized." Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York, said, "The sky is no longer falling; we seem to have hit rock bottom. The data suggest that the weakest month of the recession possibly was January and now things will probably stabilize at this lower level."







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