Sales of previously occupied U.S. homes fell in January as rising mortgage rates and prices put off many would-be homebuyers despite a wider selection of properties on the market.

U.S. existing home sales dropped more than expected in January after three straight monthly increases as high mortgage rates and house prices stifled demand.

Home buyers and sellers had a tough winter, new data confirm. It will be a chilly spring for first-time buyers if mortgage rates don’t fall, says one economist. Previously owned homes were sold at a seasonally adjusted annual rate of 4.