U.S. existing home sales surged in December

WASHINGTON Jan 20 (Reuters) - U.S. home resales jumped more than expected in December despite bad weather as sellers cut prices, offering some hope for a sector that has been struggling to recover from its worst slump in modern history.

Existing home sales soared 12.3 percent to an annual rate of 5.28 million units, the National Association of Realtors said on Thursday, far surpassing forecasts for a rise to 4.85 million. Sales were down 2.9 percent compared to a year earlier. (Editing by Theodore d'Afflisio)