Existing-home sales in March fell 5.9% from February’s level to a seasonally adjusted annual rate of 4.02 million in March, according to National Association of Realtors data.

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.

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