Existing home sales slowed more than expected in March, according to the National Association of Realtors. Sales fell 3.6 percent to an annual rate just under four million units last month, marking a continued slowdown in the housing market.
The association’s chief economist noted that sales “remained sluggish and below last year’s pace,” citing ongoing economic concerns and historically low inventory as major factors in the decline. All four regions of the country saw month-over-month decreases in sales.
Despite the slowdown, home prices continued to rise. The median price of a single-family home in March reached $412,400, up 1.3 percent from the same time last year.