Existing home sales in the Northeast rose 19 percent to an annual level of 750,000 in July compared to the same time a year ago, according to a recent report from the National Association of Realtors (NAR).

The median price in the Northeast was $245,600, down 6.8 percent from a year ago.

Nationwide, existing home sales also increased in July year-over-year. Sales increased 21 percent to an annual rate of 4.67 million units. The national median existing home price was $174,000 in July, down 4.4 percent from July 2010.

"Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers," said Lawrence Yun, NAR chief economist. "Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs."