Home Sales, Consumer Confidence Decline

Existing home sales fell to a four-year low and consumer confidence declined to an eight-month low, two groups reported Tuesday.

Home sales fell 8.4% to an annual rate of 6.12 million homes, the National Association of Realtors said. The decline was the biggest monthly drop in 18 years.

Meanwhile, consumer confidence fell to a reading of 104 from 108.2 level in March, the New York-based Conference Board said.

Economists had predicted a decline to 105, Bloomberg reported.

The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.