Existing Home Sales Plunge 17.8% Much Worse is On the Way

by Mike ‘Mish’ Shedlock
The Street

Existing home sales have plunged. Price will follow.

The National Association of Realtors (NAR) reports Existing Home Sales Wane 17.8% in April

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 17.8% from March to a seasonally-adjusted annual rate of 4.33 million in April. Overall, sales decreased year-over-year, down 17.2% from a year ago (5.23 million in April 2019).

“The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” said 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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