Thoughts on housing news

Housing sales were up 3.9% for the month of February. The bulls are running with the news. However, they've ignored the other news. Prices dropped again, for the seventh consecutive month for a yoy 3.9% loss. In addition, inventories still rose. I think that a sign that the housing market has reached the bottom will be when prices and rise and inventories contract. It doesn't matter how many houses sell.