Economists had forecast home resales decreasing to a 4.30 million-unit pace last month.
In y-o-y terms, however, existing-home sales plunged 17.2 percent in April.
According to the report, single-family home sales stood at 3.94 million in April, down 16.9 percent from March, and down 15.5 percent from one year ago. The median existing single-family home price was $288,700 in April, up 7.3 percent from April 2019. Meanwhile, existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 390,000 units in April, down 26.4 percent from March and down 31.6 percent from a year ago. The median existing condo price was $267,200 in April, an advance of 7.1 percent from a year ago.
“The economic lockdowns - occurring from mid-March through April in most states - have temporarily disrupted home sales,” noted Lawrence Yun, NAR’s chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.”
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