WASHINGTON - Home sales far exceeded expectations in October, surging to the highest level in 21/2 years as first-time buyers rushed to take advantage of an expiring tax credit.

The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, up from a downwardly revised pace of 5.54 million in September.

The tax credit of up to $8,000 for first-time buyers was set to run out Nov. 30, but Congress renewed it this month and broadened its reach. People who have owned their homes at least five years now can claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30.

The report on October home sales reflects offers made before buyers knew the tax credit would be extended. "There was a lot of rush and hurry to complete sales" before the deadline, said Lawrence Yun, the trade group's chief economist.

With the deadline extended, sales are likely to drop over the winter as buyers hibernate for a few months.

The new deadline means that "we're going to see some good activity coming out of the spring," said Pat Lashinsky, chief executive of online real estate brokerage ZipRealty.

Sales, which were nearly 24 percent above last year's level, had been expected to rise to an annual pace of 5.65 million, according to economists surveyed by Thomson Reuters.

The median sale price was $173,100, down 7.1 percent from a year earlier and off 1.6 percent from September.

In addition to lower prices, mortgage rates have been hovering around 5 percent since spring, largely because of government intervention. That has helped restore housing affordability in large swaths of the country.