An update from @WSJ provides a closer look at the US housing market. The essential spring selling season has experienced a disappointing start, as residential property purchases fell by 3.6% in March. Prospective buyers are currently keeping their distance, primarily deterred by economic uncertainty and the steep cost of real estate. Furthermore, this 3.6% month over month reduction proved to be significantly steeper than the 1% decrease predicted by economists polled by The Wall Street Journal. Looking at the broader picture, this recent slump stands as the second largest monthly decline recorded within the past year.

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