Are we getting closer to a Real Estate bottom?

WASHINGTON (MarketWatch) - Sales of new homes rose an estimated 2.7% in September to a seasonally adjusted annual rate of 464,000 in September, the Commerce Department reported Monday, close to the 460,000 pace expected by economists surveyed by MarketWatch. Sales surged 23% in the West, bouncing back from a similar decline in August. Nationally, sales in September were down 33% compared with September 2007. The inventory of unsold homes fell a record 7.3% in September to 394,000, the lowest in four years. In the past year, inventories have fallen 25.4%, the biggest drop since the government began tracking the data in 1963. The median sales price fell to $218,400, down 9.1% in the past year.