National News

Apr 22, 2014 10:14 AM by Associated Press

Sales of US existing homes slip to a 20-month low

WASHINGTON (AP) - Sales of existing U.S. homes slipped in March to their lowest level since July 2012 as rising prices and a tight supply of available homes discouraged many would-be buyers.

The National Association of Realtors says sales edged down 0.2 percent to a seasonally adjusted annual rate of 4.59 million. It was the seventh drop in the past eight months.

Sales rose in the Northeast and Midwest, suggesting that cold winter weather did not slow sales. And the Realtors' group says the scant decline shows that sales are stabilizing and may strengthen in the coming months as the spring buying season picks up. Many Realtors report seeing more potential buyers at open houses.

Fewer homes for sale, higher mortgage rates and rising prices have contributed to lower sales since last summer.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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