US house prices hit record high, home sales tumble in March

Existing home sales dropped 2.7 per cent to a seasonally adjusted annual rate of 5.77 million units last month, the National Association of Realtors said on Wednesday. The data mostly reflected the closing of contracts signed two to three months ago when the 30-year fixed-rate mortgage was below 4 per cent. Economists polled by Reuters had forecast sales would decrease to a rate of 5.80 million units.

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