Contract closings declined 8.5% from the prior month to an annualized 5.27 million, the slowest since April 2019, from a downwardly revised 5.76 million in February,

The first half of the month "held up reasonably well, but it was the second half of March where we are seeing a measurable decline in activity," Yun said.

Many potential home sellers are delaying listing their properties in the current economic environment, he noted.