The National Association of Realtors noted that existing home sales increased 3.4% to an annual rate of 4.62 million units last month, the highest level since May 2010. Nationwide, the median price for a home resale jumped to USD 177,400 in April, up 10.1% year-over-year; this is the biggest y-o-y increase since January 2006. March's sales pace was revised marginally lower to 4.47 million units from the previously reported 4.48 million units. Economists had expected sales to reach 4.60 million-unit sales.
Prices rose in large part because a drop in foreclosures led to fewer distressed sales and increased seasonal activity. The overall price increases in 2012 are still anticipated to be around 1 to 2% and construction remains a weak market sector.
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