That’s right — up not only 7.2% over June (marking the first time in five years that sales have risen four months in a row) but more importantly, 5.0% over July 2008. (Remember, the year-to-year numbers are a lot more important than month-to-month.)

It gets better. In the South, the July-to-July jump was even bigger — 5.4%. At the same time, the median home price here was down 7.1% over last year.

Good news, even for the cynical among us.

Read the NAR release here.