Reuters reported that sales of previously owned US homes plunged in February and prices hit their lowest level in nearly nine years, indicating a housing market recovery was still a long way off.

The National Association of Realtors said on Monday that sales fell 9.6% MoM to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.

The weak sales were the latest evidence of the malaise in the housing sector in US and confirmed it would remain outside the strengthening and broadening economic recovery.

(Sourced from Reuters)