Home sales rise for the month of February!

An upbeat report of the existing home sales showed that total existing home sales rose 2.9% for February, as both single-family and condo sales were up for the month. Condo sales rose 3.7% - the first increase in seven months, while single-family home sales increased 2.7% compared to increase of 0.7% in February. This surprising increase in existing home sales doesn't mean that the demand has bottomed yet. It was likely due to volatility rather than any lasting improvement in the housing market. Existing home sales have declined 30.6% from their peak in 2005. Year-to-date single-family homes are down 20.3% and condo sales are down 20.3% compared to the same period in 2007. New home sales continued the plunge with a 1.8% decrease in February following a drop of 1.6% in January. New home sales have declined 57% since their peak in January 2006. According to Joe Sloboda at HG Mortgage applications for purchase mortgage money in South Florida has seen an increase of 18% over last month and the request for "pre-approval" certificates has in crease by more than 20% from last month. This could mean that buyers and sellers are both becoming more realistic and are fnally agreeing on terms. Could this mean that there is a light at the end of this tunnel?