According to the National Association of Realtors, existing home sales for June were at their fastest pace for the last eight months. According to the report, home sales bumped up 2.6 percent for an annualized rate of 5.04 million homes and slightly higher than industry expectations and the fastest clipjune home sales up since October of last year.

It could be a sign that the housing market is reaccelerating as May’s numbers were revised upward as well from 4.89 million per year to 4.91 million. Still however, June of 2014 wasn’t as strong as June of 2013 when the pace hit 5.16 million units.

Also according to the release, existing inventories of homes are higher compared to last year and mortgage rates are lower than they were in July of 2013. If you recall, last summer mortgage rates rose by more than a full percentage point in about a month as then Fed Chair Bernanke announced the ultimate end of the QEIII program. Once that announcement was made, both stocks and bonds took a major hit. Yet the QEIII program has been slowly scaled back after each FOMC meeting by $10 billion per month and is scheduled to be over in October. That said, interest rates have actually fallen after the QEIII tapering began last December.

The median home price for June 2014 nationally was $223,300, just 4.3% higher than the same period last year. This marks the 28th consecutive month that home prices have increased. The combination of gradually increasing prices, consistent sales gains and relatively moderate interest rates point to an eventual recovery with fewer economists concerned about housing bubbles, inflation and manageable growth.