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.

March sales of existing homes in the U.S. were down in March, but median home price exceeded $400,000 for the first time, National Association of Realtors data shows.