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US Home Sales Fell In March

Joe Raedle/Getty Images

WASHINGTON (AP) — Americans bought fewer previously owned homes in March, a sober reminder that the housing market remains weak.

The National Association of Realtors says home sales fell 2.6 percent to a seasonally adjusted annual rate of 4.48 million. That followed a revised 4.6 million sold in February.

A mild winter may have encouraged more people to buy earlier, essentially stealing sales from March.

January and February made up the best winter for sales in five years. The increase offered some encouragement ahead of the spring-buying season. Still, sales remain far below the 6 million per year that economists equate with healthy markets.

First-time buyers, who are critical to a housing recovery, rose to 33 percent of all purchases last month. In healthy markets, they make up at least 40 percent.

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