New home sales took it on the chin in March.
According to the Commerce Department, sales of new single-family homes reached their lowest level since last July, dropping 14.5% month-over-month to a seasonally adjusted annual rate of 384,000.
This is also 13.3% down from year-ago levels, which is the largest year-over-year decline since April 2011.
The median sales price for new houses sold in March was $290,000, with the average sales price hitting slightly higher at $334,200.
The seasonally adjusted estimate of new houses for sale at the end of March was 193,000, representing a 6.0-month supply.
The stock market responded in kind by Thursday's close, with homebuilding stocks in particular taking a hit.