An improved economy and a desire to use the first-time home buyer tax credit before it expired caused a 7.6% increase in existing home sales last month, the National Association of Realtors reported today.

Sales were at a seasonally adjusted annual rate of 5.77 million units, compared with 5.36 million units in March. Last month's sales were 22.8% higher than those of April 2009.

Existing home sales rose from their March levels in the Northeast, Midwest and South by 21.1%, 9.9% and 8.6%, respectively. They fell in the West by 6.2%.

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