One more sign the U.S. economy is cooling a tad; home sales went south last month.
Figures released Monday by the National Association of Realtors revealed home sales fell 4.9% to a seasonally-adjusted annual rate of 5.21 million, down from 5.48 million in February. The drop followed an 11.2% gain the previous month, the largest in more than three years.
Sales were held back partly by a sharp slowdown among the most expensive properties.
Sales of dwellings appear to be struggling to rebound after slumping in the second half of last year, when a jump in mortgage rates to nearly 5% discouraged many would-be buyers.
Realtors expect sales to rebound in coming months. Borrowing costs have since fallen back to an average of 4.2% on a 30-year fixed mortgage. The job market also remains solid.
