US homes sales dropped last month as prices reach record March high

Sales of previously owned homes in the United States declined in March as home prices rose and mortgage rates remained stable, highlighting the ongoing challenges of affordability. Existing home sales fell 4.3% to a seasonally adjusted annual rate of 4.19 million, with only the Northeast region experiencing a slight increase. The median price of an existing home reached $393,500, a 4.8% year-on-year increase, marking a record high for March. Despite a rebound from lows, home sales are constrained by stagnant interest rates, impeding significant growth.