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Used home sales fell in March

Just under 4 million homes changed hands during the month at an annualized rate, according to the National Association of Realtors (NAR).

Casa en venta en Los Ángeles, California

Home for sale in Los Angeles.Patrick T. Fallon / AFP

Williams Perdomo
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Williams Perdomo

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Just under 4 million homes changed hands during the month at an annualized rate, according to the National Association of Realtors (NAR), a drop of 1% versus the same month last year and below expectations.

"March home sales remained sluggish and below last year's pace," said Lawrence Yun, chief economist for the NAR. Consumer distrust and weaker job growth discouraged buyers, he added.

Mortgage rates have risen since the start of the war in the Middle East, prompting the NAR to cut its sales forecast for the year to 4%, he noted.

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