As sales of existing homes rose 3.4 percent in April from March, prices of those previously owned houses, townhouses, condominiums and co-ops also rose, the National Association of Realtors said this morning.
"The recovery appears to be extending to home prices," NAR Chief Economist Lawrence Yun says in a report issued earlier.
Sales were 10 percent above the level of April 2011, NAR adds. Last month's pace: a 4.62 million annual rate.
The national median price, $177,400, was up 10.1 percent from April 2011.
Tempering some of the enthusiasm about the report: As Bloomberg News points out, April's sales increase was the first in three months.
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