Existing home sales in July improved appreciably on a year-over-year basis, said the National Association of Realtors (NAR) in a report released last week.
According to the NAR, the total number existing-home sales in July (4.67 million) did turn down a little (3.5 percent) month-over-month, but, despite this decrease, this total is a full 21 percent higher than the 3.86 million mark seen one year earlier in July 2010.

July 2010 represented a cyclical low, the NAR said, as it followed the expiration of government sponsored home buyer tax credits. A separate report from the NAR noted the current near record levels of housing affordability, which could also be contributing to the year over year gains.

According to the NAR, the national home median price for all housing types fell to $174,000 in July, which is reduce of 4.4 percent from one year earlier.

But NAR chief economist Lawrence Yun talk about those tight lending standards from banks could be one factor that is still holding back some potential buyers.

“Affordability conditions this year have been the most encouraging on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most extremely qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” Yun said in a statement.

Mortgage rates rose slightly this week after getting a low point not seen in half a century the week before.

“Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could excite additional economic activity and create jobs,” Yun said.