Sales of Existing Homes Fell 3 Percent in March

After surging unexpectedly in February, home sales fell last month and prices took another double-digit tumble, according to industry data released today.

Sales of existing homes, including townhouses and condos, fell 3 percent in March compared with the previous month, to a seasonally adjusted rate of 4.57 million units. They were down 7 percent compared with the same period last year.

Sales fell the most in the Northeast, 8 percent, but were unchanged in the Midwest and down 4 percent in the West. Sales fell 1.7 percent in the South, which includes the Washington area.

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