Is There Hope for the Housing Market?

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Home sales beat expectations in April, in part due to a now-expired homebuyer tax credit and low mortgage rates. Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, according to a report out this week by the National Association of Realtors. And mortgage rates have dropped to their lowest point so far this year, according to loan giant Freddie Mac. So is the housing market finally recovering?

And what does this mean for people looking to buy or sell a house? Charles Herman, The Takeaway and WNYC's economics editor offers perspective and insight.