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Existing home sales update

Existing home sales declined last February, and in the two preceding months, but the news continues to be good. Recent weakness is best seen as "payback" for the burst of sales leading up to November, when people were rushing to take advantage of a government tax credit thought to be expiring. The average number of sales over the past year is still well above the lows of early last year, and the lows of early 2008. Considering that housing prices likely bottomed about a year ago, and that lumber prices have almost doubled in the past year, the evidence that the housing market has stabilized (and is probably turning up, albeit slowly) continues to accumulate.

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