"Sales of U.S. previously owned homes climbed from a record low in August and a gauge of the outlook for the economy increased, confirming the Federal Reserve’s forecast for a “modest” pace of expansion.
Economists forecast home sales at a 4.1 million pace, according to the median of 72 projections in a Bloomberg News survey. Estimates ranged from 3.8 million to 5 million.
Compared with a year earlier, sales were down 17 percent before adjusting for seasonal patterns. The median price increased 0.8 percent from August 2009 to $178,600 last month."
The problem with the housing outlook as reported by another source, is that of inventory. There is a large inventory, and more than a 12 month supply at these activity levels, Buyer still are very sluggish in stepping up and actually buying.
Lets hope some of the other key indicators in the economy will give the buyers more confidence to come forward soon!