Existing home sales have picked up pace in the month of April.  

According to the National Association of Realtors, existing home sales have jumped 7.6% in April. This brings the seasonally adjusted rate of 5.77 million units, the upwardly revised rate was up tp 5.36 million in March.  Year over Year existing home sales also jumped 22.8%. 

“The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” said Lawrence Yun, NAR chief economist.