WASHINGTON (AFX) - Existing home sales rose 7.0 pct in April to a seasonally adjusted annual rate of 5.79 mln units, according to a survey released by the National Association of Realtors. The increase in April sales was stronger than expected. The consensus forecast of Wall Street economists was for April existing home sales to rise 0.4 pct to 5.38 mln units. On a year-on-year basis, existing home sales were up 9.5 pct. David Lereah, NAR chief economist, said existing home sales are on pace for a record year. "Low interest rates, strong demand, high consumer confidence, and an improving economy are setting the stage for another record year in existing home sales," he said. Sales fell a revised 8.1 pct in March to 5.41 mln units, up slightly from the initial estimate of a 8.3 pct fall to 5.40 mln units. The median national sales price was 153,300 usd in April, up 0.1 pct from the previous month and up 7.1 pct year-on-year. This is the highest median sales price since last August. There were 2.3 mln homes for sale at the end of April, an inventory that would last 4.8 months at the April sales pace. This is the highest level of inventories since July 1998.