Sales of U.S. pre-owned homes rose 5.1% to a seasonally adjusted annual rate of 4.72 million in February, boosted by "deep" price discounts, the National Association of Realtors reported Monday.
Some say this news helped bolster the stock market yesterday, personally I don't have a clue as to what spurs the stock market on a daily basis.
I maintain a belief that there are two data points to consider and each has its own 'bottom' if you will. One data point is the value in dollars... and I don't think our local real estate market has reached that point yet. The other data point is sales in units and what I emphasized above has led to an increase of unit sales... and yes it appears that the bottom has been reached there.
Imagine how many more homes would sell if there was an ongoing effort to develop Kingman to attract new neighbors. It would coincide with the bottom of the price data point much earlier.
It is all about demand from here on out.