Sales of Existing U.S. Homes Fall for a Third Month

Sales of previously owned homes fell in March for a third consecutive month as rising prices and a lack of inventory discouraged would-be buyers.

Closings, which usually take place a month or two after a contract is signed, fell 0.2 percent to a 4.59 million annual rate, the lowest level since July 2012, the National Association of Realtors reported today in Washington. Purchases were down 8.5 percent compared with the same month last year before adjusting for seasonal patterns.