WASHINGTON — U.S. existing home sales fell to a nine-month low in March amid tight inventory and growing concerns over the labor market, and a recent increase in mortgage rates because of the war with Iran could limit activity this year.

The larger-than-expected decline in sales reported by the National Association of Realtors on Monday was despite an improvement in housing affordability at the start of the year. The U.S.-Israeli conflict with Iran, which has boosted gasoline prices and caused a stock market selloff, is undercutting household purchasing power and wealth. Consumer sentiment has plunged to a record low, which the NAR also cited as a constraint for home sales.

 

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US existing home sales hit nine-month low in March, rising mortgage rates cloud outlook