Existing-home sales on the rise

Sales of existing single-family homes, condominiums and co-ops rose 2.3% in July to an adjusted annual rate of 4.47 million, according to the National Association of Realtors (NAR).

July’s sales were 10.4% above the same month a year ago -- a sign that the housing market may be turning around. The median sales price in July was $187,300, up 9.4% from the same month in 2011 and the strongest year-over-year gain since January 2006. Recent price increases are being attributed to a decline in the number of lower-priced homes being sold as fewer foreclosures are put on the market.

The NAR report indicated that home sales in July rose in three out of four regions, based on yearly comparisons. Sales increased 7.4% in the Northeast, 2.3% in the South and 2.0% in the Midwest, but were unchanged in the West.