First, install pip, a package-manager for python:
wget http://pypi.python.org/packages/source/p/pip/pip-1.1.tar.gz#md5=62a9f08dd5dc69d76734568a6c040508 tar -xvf pip*.gz cd pip* sudo python setup.py install
Install atlas-devel and lapack libraries:
yum -y install atlas-devel yum install lapack pip install scipy
For the last three lines thanks to DRUNKSANDLAMPPOSTS:
Before I installed atlas-devel, I was having trouble with installing atlas from source (atlas is a requirement for scipy). When I tried to install scipy using pip, pip was complaining about Blas libraries.
Installing atlas-devel was the key.