Sales of existing homes in June rose to a seasonally adjusted annual rate of 4.89 million units. That's up nearly 9% from a rate of 4.49 million units when Obama was inaugurated.
New home sales spiked 11% in June and are up 16.7% since January.
"Housing is actually turning around in many places in the country," said Friedman of Moody's Economy.com. But a recovery will be gradual because of the glut of foreclosed properties weighing on the market, he added.
A record 1.53 million properties were in some stage of the foreclosure process during the first six months of 2009, according to RealtyTrac. The administration's $75 billion foreclosure prevention plan, which got underway in April, has received lackluster reviews so far.
