"March Sees Drop in US Existing Home Sales Despite Median Price Increase"

US existing home sales dropped 4.3% in March to a seasonally adjusted annual rate of 4.19 million units, with sales falling in the South, Midwest, and West but rising in the Northeast. Higher interest rates and house prices are cited as factors affecting buyer activity. The median existing home price increased 4.8% from a year earlier to a record high of $393,500 in March, while housing inventory jumped 4.7% to 1.11 million units. Despite the increase in supply, the market remains constrained, with first-time buyers accounting for 32% of sales and all-cash sales making up 28% of transactions.