New figures show that US home sales fell 3% in March, resuming a downward move after a February jump. But industry group the National Association of Realtors said the market was seeing signs of stabilisation.
The industry group said overall sales of existing homes and apartments fell to a seasonally adjusted annual rate of 4.57 million units in March from a revised 4.71 million in February. This was 7.1% than lower than a year earlier and below Wall Street estimates.
The decline was a disappointment for a sector hurting for more than two years, but the industry group said first-time buyers are responding to low mortgage interest rates and tax credits.
So-called distressed sales accounted for just over half of all transactions in March, and these homes are selling for 20% less than traditional properties.
