U.S. stocks traded mixed on Wednesday after the latest report showed an unexpectedly decline in home resales, indicating the housing market was still facing a lot of difficulties on the way to recovery.

The Dow Jones industrial average dropped 45.57 points, or 0.35 percent, at 13,124.62. The Standard & Poor's 500 slipped 2.63 points, or 0.19 percent, to 1,402.89. The Nasdaq Composite Index added 1.17 points, or 0.04 percent, to 3,075.32.

After recent weeks of buildup, U.S. stocks took a breather this week. Major indexes seesawed in a relatively narrow range in the absence of strong economic data.

According to the National Association of Realtors, existing home sales slipped 0.9 percent to an annual rate of 4.59 million units last month, while economist were expecting a rise.

However, January's sales pace was revised up to 4.63 million units from the previously reported 4.57 million units, offsetting some negative effect on the market.

Meanwhile, a separate report released by the Mortgage Bankers Association earlier in the morning showed its index of mortgage application activity, which includes both refinancing and home purchase demand, dipped 7.4 percent in the week ending March 16.