With existing home sales figures for February still remarkably high - despite a slight dip compared to January figures - analysts are adopting a wait-and-see attitude as to whether the significantly upward numbers are valid indicators of an exceptionally robust housing market going forward.

"We usually don't pay much heed to monthly existing home sales, because month-to-month variation is notoriously noisy," wrote Glenn Boyd, an associate director at the mortgage strategy group at UBS Warburg, in a recent report "But with two historically strong readings, it's getting hard to ignore. The housing market certainly appears to be steam-rolling along."

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