Many buyers, spooked by rising economic uncertainty, stayed away from the housing market during the start of the crucial spring season.

U.S. existing home sales fell more than expected in March, weighed down by higher borrowing costs, and further weakness is likely as growing concerns of an economic slowdown because of tariffs sap demand.

Existing-home sales fell in March due to tight inventory, while new-home sales rose as builders met strong buyer demand. Buyers are still face competition.