US existing-home sales flat in March

US existing-home sales were flat in March and price growth slowed, the National Association of Realtors said Tuesday.

Previously owned homes sold at an annual rate of 4.59 million units in March, down a bare 0.2 percent from February and 7.5 percent lower than a year ago, NAR said.

NAR's chief economist, Lawrence Yun, said the current sales pace is underperforming by historical standards.

"There really should be stronger levels of home sales given our population growth," he said. "In contrast, price growth is rising faster than historical norms because of inventory shortages."

Analysts on average had forecast a slightly stronger sales rate of 4.60 million.

The median existing-home price in March was $198,500, up 7.9 percent from March 2013, NAR said.

Sales in the important single-family home sector were unchanged from February at a rate of 4.04 million.

Sales of existing condominiums and co-operatives fell 1.8 percent to a rate of 550,00 units.

Yun predicted sales would pick up in the coming months after a rough winter that gripped much of the country.

"With ongoing job creation and some weather-delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly," he said.