One of the most positive signs that the economy has seen showing that its recovering is the fact that existing-home sales have had three months of solid gains which has not been seen since the housing market boom of 2004.
June marked the third month in a row of positive sales of previously occupied homes which was reported by the National Association of Realtors on Thursday.
Some economists feel that the housing market seems to have finally made a turnaround and may be gaining in velocity.
In a response to this great news stocks have also really jumped and this week the Dow Jones industrial average rose above 9,000 which has not happened since early January.
Sales are up in all four areas of the country with home sales rising to 3.6 percent to a seasonally adjusted annual rate of 4.89 million in June.
June had the highest level of sales of pre-existing homes since October of last year and has beaten most economists' expectations.
Another good sign for the housing market is the fact that the amount of foreclosures on the market is shrinking with one out of three homes that sold last month was a foreclosure which is down by nearly 50 percent from earlier this year.
The median sales price was $181,800 last month which is up slightly from $174,700 compared to May.