This chart is a little hard to read, but the blue line is the key indicator, according to Fred Crowley, a University of Colorado at Colorado Springs economist who tracks the local housing market. In January, the ratio of home sales to the overall inventory of single-family homes -- as shown by the blue line -- rose sharply. In effect, it means that the pace of home sales improved in January when measured against the supply of homes. A one-month improvement doesn't necessarily mean the resale market -- which slowed noticeably in 2007 -- has turned a corner, Crowley said. Yet, it will be worth watching over the next two to three months to see if the improvement continues, he said.