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The National Association of Realtors released existing homes sales figures in the U.S. on Wednesday. Sales of existing homes rose 6.1% to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February. It was the highest level since September 2013.
February's figure was revised up from 4.88 million units.
Analysts had expected an increase to 5.04 million units.
The NAR chief economist Lawrence Yun said that sales activity picked up in March.
"The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years," he noted.
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