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Home Sales Fell in March as Higher Mortgage Rates Deterred Buyers
Sales of previously owned homes fell to a seasonally adjusted annual rate of 4.19 million. (Spencer Platt/Getty Images)
Home sales fell in March, new data show, reversing course after a positive start to the year.
Sales of previously owned homes fell 4.3% from February on a seasonally adjusted basis, according to the National Association of Realtors. Economists surveyed by The Wall Street Journal had forecast a slightly bigger decline of 4.8%.
Homes typically go under contract a month or two before contracts close, so the March data largely reflect purchase decisions made in February and January.
