The latest report from the National Association of Realtors brings some welcome good news. Existing-home sales rose in July to the highest level in five months.

Only in the South did sales drop off -- and only by a minimal .05 percent. The Northeast saw the biggest movement upward -- by 5.9 percent. And the Midwest has even seen its median price rise from year ago numbers.

While existing home sales stats are still leaps and bounds from what they were a year ago, this positive growth shows that the bottom of the market may have come and gone.

Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase. "Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time," he said. "Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns."

Published: August 26, 2008

Use of this article without permission is a violation of federal copyright laws.