Sales were down 2.4% from the prior month and 5.9% from one year ago.
The 30-year fixed-rate mortgage (FRM) averaged 5.25 percent.
Housing starts for April dipped 0.2% month-over-month.
Home builders warn of current deteriorating conditions as a sharp jump in mortgage rates increases costs.
Building Materials Prices Move Higher, Up 19% Year-over-Year
March 2022 marked the 122nd straight month of national home price increases at 20.9%
Home prices increased 19.8% in February year over year.
The 30-year fixed-rate mortgage (FRM) averaged 5.11 percent.
This pushed the year over year reading higher from 7.9% to 8.5%, which is the hottest reading in 41 years.
The reading marks the fourth straight month of declines for the index.
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