US Existing Home Sales Slump in March Amid High Borrowing Costs

The US housing market faced a challenging start to the spring season, with existing home sales declining in March. This downturn suggests that the combination of high borrowing costs and general economic uncertainty continues to weigh heavily on consumer confidence in the residential sector. According to data released by the National Association of Realtors, sales of existing homes fell to a seasonally adjusted annual rate of 3.98 million units. This figure marks the lowest level of residential activity recorded since June 2025, highlighting a persistent struggle for buyers to enter the market. The 3.6% monthly decline underscores the acute sensitivity of the housing market to interest rate environments. As mortgage rates remain elevated, the pool of eligible buyers shrinks, leading to a stagnation in transaction volumes during what is typically a peak period for real estate activity. From a broader market perspective, this slump reflects a cooling trend in residential investment. While oil prices saw a brief rally over the weekend before retreating on Monday, the housing data provides a more concrete signal of the headwinds facing the domestic consumer economy.