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.”