The sales pace is now at the low end of the range seen over the past year.
The supply of homes on the market is still well below the level seen before the pandemic.
The drop in building suggests residential construction may detract from economic growth.
Local groups are pushing for restrictions on new developments, saying an influx of residents has strained resources.
Bankruptcies are up and capital investments in manufacturing have slowed.
House hunters are getting hit with a double-whammy: high prices and high mortgage rates.
An increase in remote workers has helped drive the boom.
Rates increased to the highest level in five months, pushing down home-purchase applications.
About one-fifth of U.S. homeowners have a mortgage with less than 3% interest.
Home purchase applications fell by the most since mid-February.
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