The number of previously owned homes sold in April has risen by 7.6% – the highest jump since November. According to the National Association of Realtors (NAR), the figure translated to 5.77 million properties sold, compared to only 5.36 million in March.

Examined by region, NAR data indicated that the Northeast posted the highest sales rise. Sales leaped 21.1% in the area while Midwest (9.9%) and the South (8.6%) followed. Sales in the West did not increase. The association also saw a 4% rise in the median home price from last year. The price now stands at $173,100.

The NAR attributed the increase to the federal government’s first-time home buyer tax credit program, which expired on April 30. Some experts believe that the conclusion of the program will cool down the rise in home sales in the coming months. Even low mortgage won’t help, said Capital Economics economist Paul Dales. Would-be home buyers are facing obstacles from a tough economy, he added.

“Although mortgage rates have fallen sharply, the combination of high unemployment, heavy indebtedness and tight credit suggest to us that demand will stumble,” Dales said.

Some economists believe that the low mortgage rates would have convinced more would-be buyers to purchase homes if they were launched in a stronger economy. IHS Global Insight economist Patrick Newport, however, believes the employment and credit problems are preventing mortgage from pushing the demand for houses higher.

“Having a good mortgage rate helps affordability, but we’ve had low mortgage rates for a long time now and sales have stayed below five million, except when the tax credit was involved,” he said.

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