Sales of previously occupied U.S. homes slowed in March, a lackluster start to the spring homebuying season as elevated mortgage rates and rising prices discouraged home shoppers.

Existing home sales fell 5.9% last month from February to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said Thursday. The March sales decline is the largest monthly drop since November 2022, when sales fell 6.7% from the previous month, and marks the slowest sales pace for the month of March going back to 2009.

Sales also fell 2.4% compared with March last year. The latest home sales fell short of the 4.12 million pace economists were expecting, according to FactSet.

“Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society,” said Lawrence Yun, NAR’s chief economist.

American Airlines sees passenger demand falter

American Airlines recorded a $473 million net loss in the first quarter, amid a “challenging economic environment” that saw passenger demand wane during the first few months of 2025.

The Fort Worth-based carrier became the latest to signal weakening interest in travel that started in February, with consumers hampered by escalating tariff uncertainty escalated and stubborn inflation.

“It goes without saying that we’re in a challenging economic environment which has had a significant impact on the industry,” CEO Robert Isom said Thursday.

“Historically, the airline industry has done well in periods of economic growth and certainty. The industry exited the fourth quarter with positive momentum, but this quickly shifted during the first quarter,” he added.