Existing Home Sales Drop 3.6 Percent in March as Consumer Confidence Wanes

Sales of existing homes in March slumped 3.6 percent from the previous month in a sign of waning consumer confidence and sluggish job growth, a new report by the National Association of Realtors (NAR) said on April 13.

Consumer sentiment plummeted 11 percent in April versus March as the U.S.–Israel war with Iran, surging fuel costs, and higher prices weighed on personal finances, a University of Michigan survey found. On the employment front, U.S. employers added 178,000 jobs in March, with the unemployment rate stagnant at 4.3 percent, the Bureau of Labor Statistics reported on April 3.