Sales up. Note what I highlighted in bold.

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, increased 4.3% to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7% above a spike to 4.54 million in January 2011.

Total housing inventory at the end of January fell 0.4% to 2.31 million existing homes available for sale, which represents a 6.1-month supply at the current sales pace, down from a 6.4-month supply in December. Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6% below a year ago.

So, it’s a balanced market. It’s neither a buyer’s nor a seller’s market. Is that the point?