U.S. existing-home sales slump 8.5% in March
Sales of previously-owned U.S. homes sank 8.5% in March just as the coronavirus pandemic began to shut down large parts of the economy and throw the real estate market into disarray. Existing-home sales dropped to an annual pace of 5.27 million the National Association of Realtors.
The decline is likely to be a lot sharper in April."Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak," said Lawrence Yun, NAR's chief economist."More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise."
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