Sales of previously owned single-family homes were up 7.2% compared with June 5% from July, 2008. The National Association of Realtors reported. The monthly gain was the largest on record for existing home sales, which NAR has tracked since 1999.
"The housing market has decisively turned for the better", said Lawrence Yun, NAR's chief economist. "A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales."