MNI BRIEF:US March Existing Home Sales Fall More Than Expected

U.S. existing home sales slid 2.4% in March to a seasonally adjusted annual rate of 4.44 million, a decline of 22.0% from one year ago, the National Association of Realtors said Thursday.

Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. Single-family home sales faded to a seasonally adjusted annual rate of 3.99 million in March, down 2.7% from 4.10 million in February and 21.1% from one year ago.

The median existing-home sales price dipped 0.9% from the previous year to USD375,700, driven by price declines in the Western region that offset rises in all other parts of the country. The inventory of unsold existing homes rose 1.0% from the prior month to 980,000 at the end of March.