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US Home Sales Drop

Home sales in the United States dropped between April and March, evidence that the housing market's problems are not over.

Friday's report from a business group, The National Association of Realtors, says sales of previously-owned homes fell one percent in March.

That pushed the sales of houses, condominiums, and apartments down to an annual rate of just under 4.9 million units. The same report says the median sales price for a home fell eight percent from the same period last year.

Sales of previously-owned homes are the largest part of the housing market. Sales of newly-constructed homes will be reported next week.

Problems in the housing market are one key reason for the current economic slowdown in the United States.

Some information for this report was provided by AFP, AP and Reuters.