U.S. existing home sales fell more than expected in March, weighed down by higher borrowing costs, and further weakness is likely as growing concerns of an economic slowdown because of tariffs sap demand.

Many buyers, spooked by rising economic uncertainty, stayed away from the housing market during the start of the crucial spring season.

The report follows another one from the Census Bureau on Wednesday that said new home sales rose 7.4% in March and are up 6% from a year ago. The increase was driven by more affordable homes with the median sales prices dipping down 1.9% to $403,600. That is 7.5% below the price in March of last year.