According to the latest report from the National Association of Realtors, existing-home sales rose in April by 2.9 percent.

Lawrence Yun, NAR chief economist, said there has been a seasonal rise in sales. "Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the midprice ranges, but high-end home sales remain sluggish," he said. "The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program."

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said conditions are good for buying. "We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas," he said. "When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership." Only the Midwest saw a decline -- or 2.0 percent.