Economic experts in the US are hopeful that the housing market may be showing signs of recovery after going through a severe crisis. Two reports released on Monday claimed that sale of pre-owned houses in the western states rose by 1 percent in July 2008 compared to one year back.

The National Association of Realtors reported that around 1.1 million existing homes and condomiums were sold last month in the western region which comprises of thirteen states. The rise in sales figures has been attributed to the large-scale foreclosures in states like California, Nevada and Las Vegas which has led buyers to take advantage of the steady fall in home prices. According to estimates handed out by the Association, median home prices in the western states have fallen to $273220, which is a drop of 22 percent from a year ago.

The Associated Press-Re/Max Monthly Housing Report marked Los Angeles, San Diego, San Francisco, Phoenix and Las Vegas as the five metropolitan areas among top ten markets in the country where median home prices had suffered the greatest decline. In the Las Vegas metropolitan area, median home prices have tumbled by 25 percent compared to last year but resale of homes have almost doubled, recording a rise of 16 percent in June this year.