The pace of sales of
existing homes in the United States fell 3.0 percent in March
to a much lower-than-expected annual rate of 4.57 million
units, the National Association of Realtors said on Thursday.

Economists polled by Reuters had forecast home resales to
slip to a 4.70 million-unit pace from a revised 4.71 million
for February, which was initially reported as 4.72 million.

The inventory of existing homes for sale fell to 3.74
million from the 3.80 million overstock reported for February.
The median national home price rose 4.2 percent to $175,200
from February, boosted by seasonal factors. However, prices
fell 12.4 percent compared to the same period a year ago.