by Wolf Richter
Wolf Street
Turmoil in the housing market and its impact on the “median price.”
Across the US, despite record low mortgage rates, sales of “existing homes” – closed transactions of previously owned single-family houses, townhouses, condos, and co-ops – plunged 17.8% in April from March, after having already plunged 8.5% in March from February, to a seasonally adjusted annual rate of 4.33 million homes, last seen in September 2011 (also 4.33 million). The last time sales were lower was in July 2010. This knocked April’s sales volume down by 25% from pre-Covid February (data via YCharts):