Washington: Existing home sales in the US declined 5.9% month-on-month in March, surpassing previous estimates, according to a report by the National Association of Realtors (NAR).

According to Anadolu Agency, the existing home sales, which reflect the change in the number of existing residential properties sold, decreased to a seasonally adjusted annual rate of 4.02 million in March. This figure fell short of the estimated 4.14 million, while the February statistics were slightly revised upwards to 4.27 million.

"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," stated NAR Chief Economist Lawrence Yun. He expressed concern that low residential housing mobility, currently at historic lows, could potentially lead to reduced economic mobility within society.

Additionally, existing home sales experienced a 2.4% annual decline. On the contrary, the median existing home sales price increased by 2.7% annually, reaching $403,700. This marks an all-time high for March and represents the 21st consecutive month of year-over-year price increases.

"In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights," Yun noted.