Home Sales Plunged Most Since 2008, Condos -41%. First-Ever April-May Price Drop in Normally Red-Hot Spring Selling Season

by Wolf Richter
Wolf Street

First signs of a very slow-moving mess.

Sales of existing homes (closed transactions of single-family houses, townhomes, condos, and co-ops) plunged 29% in May compared to May last year, not seasonally adjusted, to 340,000 homes, according to the National Association of Realtors. The “seasonally adjusted annual rate of sales” (SAAR) – which is generally used as the headline number – plunged 26.6% year-over-year to 3.91 million, the lowest rate of sales since the depth of the Housing Bust in October 2010 (data via YCharts):

Continue Reading at WolfStreet.com…