Resales of existing homes rose in April, according to data released by the National Association of Realtors (NAR) on Tuesday.
The NAR said that home resales last month grew 3.4% to an annualized rate of 4.62 million units, the highest annualized pace since May 2010, Reuters noted. Economists had forecast an annual sales pace of 4.60 million units in April.
Prices also rose. The median price for a U.S. home resale in April increased 10.1% from last year to $177,400, marking the largest yearly increase since 2006. Rising home prices were attributed to a fall in foreclosures.
Inventories of existing homes rose during April, hitting 2.54 million.
An economist with the NAR said spring was traditionally a good time for home sales and that, for the rest of the year, home prices will advance at a much slower pace, increasing by between 1% and 2%.
The annualized resales rate for March was revised downward to 4.47 million units from earlier estimates of 4.48 million units.