The National Association of Realtors released a report on Monday stating that existing home sales rose by 2.9 percent. The report has given investors on Wall Street a much needed boost when they were expecting a slight decline in the market.
Locally, Realtors have seen an increase in sales numbers as well.
Larry Underhill, the owner of, and a real estate broker for Statesman Realty in Lodi, said that what happens nationally doesn't always reflect what's happening locally.
"There's some correlation with what goes on nationally," he said. "You have to take it with a grain of salt."
Underhill went on to say that his office has seen a dramatic increase in the number of buyers who are looking. Agents at Statesman Realty are definitely keeping busy, he said.
A report released by the NAR for January showed that existing homes sales were actually down for the month, compared to December of 2007.
Paul Mertz, owner of The Mertz Company in Lodi, said that the numbers are encouraging for pending home sales.
"There's a substantial increase for all the areas around us," Mertz said.
He pointed out that the pending home sale numbers for Lodi and surrounding areas were just about double in January and February than they were for the same time last year.
"I've got a property now with eight offers on it," Mertz said.
One of the reasons Lodi does better with sales numbers and has lower foreclosure numbers is that there isn't any new home inventory to compete with, Mertz said.
Both Realtors agree that it will take a little time for the housing market to recover, but the signs are good.
Underhill states that there's an unusually high amount of inventory, and once that is sold off, things should begin to equalize.
"Buyers are not buying into the idea that the unhappy times are here to stay. More and more buyers are dialed into the reality that this market is just another page in the book," he said.