In another sign that the housing market is making a comeback, home sales in 39 states grew in the second quarter.
The National Association of Realtors reported yesterday that second quarter home sales rose to 3.8 percent to a seasonally adjusted annual rate of 4.76 million which is up from 4.58 million that was recorded in the first quarter of this year.
However, prices are still down from a year ago in 129 out of 155 major metropolitan areas throughout the nation with a median sales price of $174,100 which is close to 16 percent below this time last year.
Overall, nationally one third of all sales were that of distressed properties and foreclosures in the second quarter.
Fortunately, most economists now feel that the worst of the housing recession may be over despite the fact that foreclosures are expected to rise over the course of the next twelve months.
It should be noted that economists do think that with this increase in sales throughout the nation, it is a very good sign for the economy.