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May's Poor Existing Sales Show the Effects of Lockdown

Friday, July 10, 2020   /   by Erik Bjorklund

May's Poor Existing Sales Show the Effects of Lockdown

Existing-home sales fell again in
May, although only at a little more than half the rate of decline in April.
Still, it marked the third month of falling sales as a result of the
coronavirus outbreak. 
The National Association of Realtors®
(NAR) said sales of previously owned single-family houses, townhomes, condos,
and cooperative apartments sold at an annual rate of 3.91 million units during
the month, a month-over-month decline of 9.7 percent. Existing home sales are
now 26.6 percent lower than in May of 2019
when the annual rate was 5.33
million units. Sales have seen an aggregate decline over the last three months of
36.0 percent. The annual rate was below the
mid-range of predictions from analysts polled by Econoday. They had a consensus
forecast of 4.39 million units within a range of 3.50 to 4.95 million.


 

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