Used home sales fell in March

Sales of used homes in the country fell 3.6% in March from the previous month, according to data released Monday.

Just under 4 million homes changed hands during the month at an annualized rate, according to the National Association of Realtors (NAR), a drop of 1% versus the same month last year and below expectations.

"March home sales remained sluggish and below last year's pace," said Lawrence Yun, chief economist for the NAR. Consumer distrust and weaker job growth discouraged buyers, he added.

Mortgage rates have risen since the start of the war in the Middle East, prompting the NAR to cut its sales forecast for the year to 4%, he noted.