Gross domestic product (GDP) slowed to an annual pace of 0.7%, Commerce Department figures showed, down from 2.5% in the previous three months.
Consumer spending was the main driver of economic growth, rising 4.2%.
The housing market continue to weigh on growth, with investment in new home building down by 15.8%.
The GDP figures for the first quarter are the last of three estimates, and showed a slight improvement from the previous measure of 0.6%. However, analysts had been expecting annualised growth of 0.8%.
Interest decision
The personal consumption expenditure (PCE) price index, a measure of inflation, was 3.5%, while the "core" PCE index, excluding food and energy, was 2.4%.
Marie-Pierre Ripert at IXIS Corporate & Investment Bank said the GDP report did not alter expectations of stronger growth in the second quarter.
"Today's figures don't change our forecast for second-quarter GDP growth - still 3.5%," she said.
The report comes on the second day of the US Federal Reserve's meeting on monetary policy.
The Fed is widely expected to keep interest rates at their current level of 5.25%.