In my opinion the only thing it actually means is that some of the people who:
a)don’t understand that the median price is a nearly useless indicator and
b)don’t understand that, even if it was useful, a very small spring bounce after a huge year-over-year decline isn’t necessarily indicative of a strong housing market
c)don’t understand that just because the (useless indicator of) price rose for one month doesn’t mean we’re at a bottom
will think that we’re at a bottom, that prices will go up from here on out, and that they’d better buy now or they’ll have to pay more later. And they’ll rush out and buy, and maybe pay too much.
Of course, they have to be able to buy, and a lot of people aren’t in a position to buy right now.
In any case, as unemployment increases and more foreclosures hit the market, my opinion is that those forces will outweigh the effects of the improvement in the market psychology of some of the less informed due to the small increase in the median price.
Speaking of the less informed, leave it to the U-T to call the bottom. Again! How many times will they have to be wrong before they give that up?
