Pending home sales increased in February after reaching a record low in January, the Associated Press reported.

According to data released today by the National Association of Realtors (NAR), the group’s index of pending homes sales increased 2.1 percent to 82.1 in February. Additionally, sales of existing homes sales increased 5.1 percent in February, the largest gain in nearly six years.

The trade group believes that falling home prices and low mortgage rates have made homeownership the most affordable it’s been since 1970, which in turn, is attracting more people to the market.

However, the NAR said most industry professionals are relying on the $8,000 tax credit for first-time home buyers to help boost sales.

“We expect home sales to gain momentum in the second half of the year with first-time buyers absorbing a lot of the excess inventory,” said NAR Chief Economist Lawrence Yun. “Under these conditions, we should see price stabilization in most markets by the end of the year.”

The NAR estimates that 45 percent of existing home sales now involve foreclosued and other distressed properties.