Home Sales Drop for 3rd Month to Slowest Pace in Over a Year
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WASHINGTON — Sales of existing homes, held down by the impact of rising mortgage rates, dropped for the third straight month in March to the slowest pace in more than a year, a real estate trade group reported today.
The National Assn. of Realtors said sales of existing single-family homes declined 4.3% to a seasonally adjusted annual rate of 3.33 million units in March, following drops of 2% in February and 9.4% in January.
It was the first time sales had declined for three straight months since sales dropped from November, 1987, through January, 1988, the realtors reported.
The government reported last week that construction of new homes and apartments declined 5.4% in March, the second straight monthly decline.
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