Resales of homes in the United States rose 7.6% in April to a seasonally adjusted annual rate of 5.77 million.

According to data released Monday by the National Association of Realtors, buyers rushed to complete sales before a tax credit expires.

The trend in sales prices has stabilized over the past four months. The median price is up 4% in the past year at $173,100.

It's not clear what's behind the increase in homes for sale... it could be pent-up supply from homeowners who've wanted to sell but didn't think the market was right. That would imply pent-up demand. But it's also possible that investors are putting their properties on the market because they aren't getting the cash flow they need.

Supply of foreclosures and short sales has been steady. Sales of "distressed" homes, including foreclosures and short sales, accounted for 33% of sales in April, compared with 45% a year ago.

The government has been supporting sales and home prices for about two years, providing up to $8,000 to qualified buyers. But the tax credit ends in June. To qualify, a buyer must have signed a sales contract by April, and must close the sale by June 30.

The NAR data on existing-home sales are based on closings, which usually occur a month or two after the sales contract is signed.

Most economists believe the tax credit pulled forward sales that would have taken place later. Sales of existing homes surged last fall with the first tax credit and are up 23% compared with a year ago. Sales of new homes haven't responded to the tax credit nearly so noticeably, although sales did jump 27% in March after setting a record low in February. New-home sales will be reported on Wednesday.

Sales rose in three of four regions in April: Sales increased 21% in the Northeast, 10% in the Midwest and 9% in the South. Sales fell 6% in the West.

Sales of single-family homes increased 7.4% in April and are up 21% in the past year. Sales of condos increased 9.1% in April and are up 42% in the past year.

First-time buyers accounted for 49% of sales in April. All-cash buyers accounted for 26% of sales.