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21 May 2020

U.S. existing-home sales plunge 17.8 percent in April

 The National Association of Realtors (NAR) announced on Thursday that the U.S. existing home sales tumbled 17.8 percent m-o-m to a seasonally adjusted rate of 4.33 million in April from 5.27 million in March, impacted by COVID-19. That was the lowest rate since July 2010.

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.”

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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