The National Association of Home Builders is reporting a 4.7 percent gain in new-home sales in February, which comes as welcome news.

“This is an encouraging sign that the market may finally be reaching a bottom,” said Joe Robson, chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. “Consumers are beginning to take advantage of the first-time home buyer tax credit, historically low mortgage rates, very affordable home prices and the great selection of homes they have to choose from in the midst of a real buyer’s market. For those with good credit and job security, the stars are all aligned to buy a home at this time.”

Regionally, new-home sales rose strongly in the two largest markets in February, with gains of 9.7 percent in the South and 6.6 percent in the West. However, sales numbers declined in the Northeast and Midwest, by 3.3 percent and 9.1 percent, respectively.