US house prices continue to fall

The US housing market is struggling

Sales of existing homes in the US fell by 2% in March from the month before, as a slump in the country's housing market continues, new data shows.

The National Association of Realtors (NAR) said existing home sales fell to an annual rate of 4.93 million units in March from 5.03 million in February.

The median house price was $200,700 in March, down 7.7% from a year ago when the median was $217,400, the NAR said.

However, the March sales price was up slightly from February's $195,600.

Lawrence Yun, NAR chief economist, said the property market was performing unevenly.

"Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets," he said.

"At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines."

The US Federal Reserve has cut interest rates to 2.25% in recent months to try to stimulate the housing market and consumer spending.