The existing home sales in US has jumped in the month of July 2009 by a whopping 7% month on month, which is the highest rate of increase in the last two years. Also the year on year growth is reported at 5% as per National association of Realtors due to the all time low long term mortgage rates, which are hovering at 5.12% currently.
Also the median price is down 15% year on year due to massive supply of seized homes. The current inventory of unsold homes cover the next nine month sales which indicates that the housing market is still flooded with excess supplies.