Sales of previously occupied homes jumped 10% in September, which marked the biggest monthly gain in 28 years, according to MSNBC.com. The monthly gain was bigger than expected, indicating the housing market is stabilizing at weaker levels.
This was much higher than expected, but experts have cautioned not to celebrate yet. Many feel the increases in August and September are largely a payback from the collapse in home sales in July. Even though home sales are better than the previous two months, they are still considerably below the first half of the year.
Many experts feel that there is still a 5 – 8% fall in prices coming on the horizon and do not envision a bottom until the 3rd quarter of 2011.