Sales of previously occupied U.S. homes fell in March to their slowest pace nine months, as easing mortgage rates failed to motivate home shoppers during what’s traditionally been the busiest time of the year for the housing market.
Existing home sales fell 3.6% last month from February to a seasonally adjusted annual rate of 3.98 million units, the National Association of Realtors said Monday.
Sales also fell 1% compared with March last year, weighed down by declines in the Northeast and Midwest. The latest sales figure fell short of the roughly 4.06 million pace economists were expecting, according to FactSet.
“Lower consumer confidence and softer job growth continue to hold back buyers,” Lawrence Yun, NAR’s chief economist, said in a statement.
A measure of Americans’ short-term expectations for their income, business conditions and the job market fell 1.7 points to 70.9, remaining well below 80, a marker that can signal a recession ahead. It’s the 14th consecutive month that reading has come in under 80.