Building and expanding on Zaind and Lars Smith's answers, we start by substituting
$$ \sqrt{x} = u \tag 1 $$
$$ \sqrt{y} = v \tag 2 $$
to give
$$ u^2+u v^2=\frac{95}{8} \tag 3 $$
$$ u^2 v+v^2=\frac{93}{8} \tag 4 $$
Note that if we have $ x, y \in \mathbb{R} $, we also have $ x \ge 0 $ and $ y \ge 0 $, so $ u \ge 0 $ and $ v \ge 0 $ as well.
Solving $ (3) $ for $ v^2 $:
$$ v^2 = \frac{95-8 u^2}{8 u} $$
This can be substituted into $(4)$ to give
$$ u^2 v+\frac{95-8 u^2}{8 u}=\frac{93}{8} \tag 5 $$
which allows solution for $ v $:
$$ v = \frac{8 u^2+93 u-95}{8 u^3} \tag 6 $$
We close the circle by substituting $ (6) $ into $ (3) $ to get:
$$ u^2+\frac{\left(8 u^2+93 u-95\right)^2}{64 u^5}=\frac{95}{8} \tag 7 $$
Multiply by $ 64 u^5 $ and expand to get:
$$ 64 u^7-760 u^5+64 u^4+1488 u^3+7129 u^2-17670 u+9025 = 0 $$
Recall we are only interested in positive roots of $ u $. Now let's see what we can find out about those roots. Wikipedia has a useful page on this subject, and gives the following upper bound on the absolute value of roots of a polynomial $ a_n u^n + a_{n-1} u^{n-1} + \ldots + a_0 $:
$$ 2 * \max \left\{ \left| \frac{a_{n-1}}{a_n} \right|, \left| \frac{a_{n-2}}{a_n} \right|^{1/2}, \ldots, \left| \frac{a_{1}}{a_n} \right|^{1/(n-1)}, \left| \frac{a_{n-1}}{a_n} \right|^{1/n} \right\} $$
In fact, if we're only interested in positive real roots, we can replace all the $ a_j $s which are positive with 0, which means we have to select the maximum value out of:
$$ \left\{\left(\frac{8835}{32}\right)^{1/6},\sqrt{\frac{95}{8}}\right\} $$
A minute with a calculator indicates that that the largest of these is $ \sqrt{\frac{95}{8}} \approx 3.446 $
Let's take a look at a plot of our polynomial from $ 0 $ to $ 3.5 $ to get a sense of where the roots might be:
It looks like one of those roots is very close to $ 5/2 $. Plugging $ 5/2 $ into the left hand side of $ (7) $ (much easier than doing all the terms in the polynomial) gives exactly $ 95/8 $, verifying that it is a solution. Plugging into $ (6) $ gives $ v = 3/2 $, and together we have $ \sqrt{ x y } = u v = 15/4 $.
Now, however, we still have the possibility of a root near $ u = 0.8 $, but substituting $ 0.8 $ into $ (6) $ gives $ v \approx -3.78 $, which contradicts the assumption that $ v > 0 $, and we can discard it.