The US National Association of Realtors released a report on Wednesday showing existing home sales saw further downside in the month of March. NAR said existing home sales slumped by 2.7 percent to an annual rate of 5.77 million in March after plunging by 8.6 percent to a downwardly revised rate of 5.93 million in February. With the continued decrease, existing home sales continued to give back ground after reaching their highest rate in a year in January. The report showed total housing inventory spiked 11.8 percent to 950,000 units in March from 850,000 units in February but was still down by 9.5 percent compared to 1.05 million units a year ago.
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