US homes sales dropped last month as March prices reached a record high

Sales of previously owned homes in the United States declined in March due to rising home prices and steady mortgage rates. Existing home sales fell 4.3%, marking the sharpest drop in more than a year. The Northeast region was the only area to see an increase in sales. The median price of existing homes reached a record high of $393,500, up 4.8% from the previous year. Despite an increase in jobs, home sales remain stagnant as interest rates remain unchanged. The Federal Reserve’s decision not to cut interest rates further undermines the housing market.