March existing home sales: Down, but not out

Don't look now, but a small but positive trend may be forming in the U.S. housing sector, just as the warmer months arrive.

U.S. existing home sales fell three percent in March to a seasonally-adjusted annual rate to 4.57 million units, the the National Association of Realtors announced Wednesday. Economists surveyed by Bloomberg News had expected March existing home sales to decline to a 4.70-million-unit annualized rate.

Further, the median home price for all types of housing plunged 12.4 percent in the past 12 months to $175,200. The median home price for a single-family home fell 11.5 percent to $174,900.