The median price of a home sold in April was $271,600, the highest level on government records going back to 1993.
Sales of new homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, further signs that housing is recovering.
Meanwhile, average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.
The average fee for 30-year mortgages was unchanged at 0.7 point last
week. The fee for 15-year loans also was steady at 0.7 point.
The average rate on a one-year adjustable-rate mortgage held at 2.55 percent. The fee for one-year adjustable-rate loans was unchanged at 0.4 point.
The average rate on a five-year adjustable-rate mortgage edged up to 2.63 percent from 2.62 percent. The fee was steady at 0.5.
New-home sales rose to a seasonally adjusted annual rate of 454,000 in April, the Commerce Department said today. That was up 2.3 percent from March and just slightly below January's 458,000.
Both January and April had the fastest sales rates since July 2008.
The median price of a home sold in April was $271,600, the highest level on government records going back to 1993. The April price was 8.3 percent higher than in March and 13.1 percent higher than a year ago.
Steady job creation and near-record-low mortgage rates are spurring more Americans to buy homes.
With the April increase, sales are now 29 percent higher than a year ago, but sales are still below the 700,000 level considered healthy by economists.
The strength in April was led by a 10.8 percent rise in sales in the West. Sales in the South were up 3 percent but sales fell 16.7 percent in the Northeast and were down 4.8 percent in the Midwest.
Sales of previously owned homes rose in April to a seasonally adjusted annual rate of 4.97 million, the highest level in 31/2 years.
Higher prices tend to make homeowners feel wealthier. That encourages consumers to spend more, which accounts for 70 percent of economic activity.
On the mortgage front, buyer Freddie Mac said today the average rate for the 30-year loan increased to 3.59 percent this week. That's up from 3.51 percent last week and above the rate of 3.31 percent reached in November, the lowest on records dating to 1971.
The average on the 15-year loan jumped to 2.77 percent. That's up from 2.69 percent last week. The record low of 2.56 percent was hit on May 2.
Cheaper mortgages are a key reason home sales have increased this year.
In April, sales of previously occupied homes rose at the fastest pace in three and a half years, the National Association of Realtors reported Wednesday. And sales of newly built homes jumped to the second-highest rate since July 2008.
More demand, along with a tight supply of homes for sale, has helped boost home prices. It has also encouraged builders to break ground on more homes.