Politico

The housing market had its worst March since the global financial crisis, weighed down by high borrowing costs and falling consumer confidence in the economy.

Home sales fell to their lowest annual level for March since 2009, dashing hopes for a rebound this year. Sales of previously owned homes plunged 5.9 percent from February to an annualized rate of 4 million units, according to data released Thursday by the National Association of REALTORS®.

The slump is especially noteworthy because sales typically pick up in March as the spring buying season gets underway. It comes amid dizzying financial market volatility and falling consumer confidence sparked by concerns about the broader economy as President Donald Trump pursues an aggressive tariff agenda against all U.S. trading partners.

“I had anticipated that with more inventory we’d see more transactions, but the data make it clear that mortgage rates and affordability challenges are holding back buyers,” said NAR Chief Economist Lawrence Yun.

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