Sales slid to a seasonally adjusted annual rate of 4.44 million.
The real estate market, a crucial sector in the U.S. economy, has struggled over the past year, and existing home sales have slid 22 percent from the same month a year ago.
The median existing home sales price decreased 0.9 percent from the year prior, to 375,700 U.S. dollars, the NAR reported.
The inventory of unsold existing homes rose 1 percent from the prior month to 980,000 at the end of March.
"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," said NAR Chief Economist Lawrence Yun.
"Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It's a unique housing market," Yun said.
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