US existing home sales surge; supply improves
U.S. home resales rebounded more than expected in March, suggesting the housing market recovery remained intact despite signs that economic growth probably stalled in the first quarter.
The National Association of Realtors said on Wednesday existing home sales surged 5.1 percent to an annual rate of 5.33 million units last month. Economists polled by Reuters had forecast sales rising 3.5 percent to a 5.30 million-unit pace.
Sales were up 1.5 percent from a year ago.
Existing home sales rose in all four regions last month, jumping 11.1 percent in the Northeast and accelerating 9.8 percent in the Midwest.
U.S. financial markets were little moved by the report. The PHLX housing index .HGX was down 0.28 percent. Shares in the nation’s largest homebuilder, D.R. Horton Inc (DHI.N), fell 0.20 percent and shares of Lennar Corp (LEN.N) slipped 0.40 percent. Read more