Existing home sales gain in us raises cautious hope

Home resales volumes bounced back in March, a hopeful sign for recovery in the housing market, but prices continued to decline.

The housing market is struggling to find its footing as a wave of foreclosed properties keeps supply up but prices down.

The housing sector led the economy into its worst recession since the 1930s in 2007-2008 and is now lagging recovery in the broader economy.

Existing home sales in March rose 3.7 percent from February to an annual rate of 5.10 million units, the National Association of Realtors said on Wednesday. Economists had expected a smaller increase to a 5.0 million-unit pace.

Source: Reuters/PHL17