If sales of homes (or anything else) are going up
, that means more people have enough money to buy them. That is all you need to know.
Thank you, and have a nice day.
Wrong. Wrong again. There are many other things "you need to know" to place your chart into proper perspective. Such as: (1) yesterday, the NAR was accused of overstating its sales statistics by 20%, so how reliable can this trend / chart be?; (2) these sales were mostly distressed (37%), fire-sale properties that the banks were desperate to unload; (3) these sales were facilitated with unprecedented life support by the Fed and Congress, including ZIRP, QE2, HAMP, and a myriad of other deficit-bloating policies; (4) these sales occurred only after massive price-slashing (the median price fell sharply in the month to a nine-year low, down 5.9 percent to $158,000); (5) these sales were due to a rising number of foreclosures and all-cash deals, and not first-time home-buyers (a record 32% of transactions in the month were in cash, a reflection of falling prices and of unattractive credit conditions, while a record 4.63% of US mortgages were in foreclosure, and 14% were/are delinquent).
Your relying on that article has backfired on you. Admit it, and move on.