MAAR released the February Home Sales Report today showing an increase in sales from January but a decline from February 2008. Other data from February:

• Pending sales up 8.2% from January
• Inventory down slightly from January, down 15.3% from February 2008 and down 23.6% from the peak in July 2007
• Foreclosures up from January but down 14.5% from February 2008

Lower interest rates and the first-time buyer tax credit are likely behind the jump in pending sales and we hope to see that trend continue as we get into the typically busier spring an summer months. It also supports the anecdotal feedback we’ve heard from REALTORS® that they’re seeing more interest from buyers in recent weeks.

The continued decline in inventory is good news as well, though we’re still a bit removed from the more balanced inventory of 8,000 units that we’d like to see.