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US home sales fell more than expected in March as house prices hit a record high despite some improvement in supply, and could fall further due to soaring mortgage rates. .
Sales of existing homes fell 2.7% to a seasonally adjusted annual rate of 5.77 million units last month, the National Association of Realtors said Wednesday. The data mainly reflected the closing of contracts signed two or three months ago when the 30-year fixed rate mortgage was below 4%. Economists polled by Reuters had forecast sales would decline at a rate of 5.80 million units.
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