Home sales drop as prices reach March record high

(CNN, KYMA/KECY) - Americans are still dealing with a tough housing market as home sales fall and prices climb.

The National Association of Realtors (NAR) reported existing home sales fell to just over $4 million last month.

The decline was felt everywhere except the northeast, which saw an increase for the first time since November.

The median price of an existing home was $393,500 last month. That's the highest March price on record, and an increase of nearly 5% from a year earlier.

Home sales might not rise much higher as the Federal Reserve signals it won't cut interest rates anytime soon.

Mortgage rates topped more than seven percent this week; the highest level since November.