Michael Mahoney - Boston Realtor with Century 21
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Existing-Home Sales Wane 17.8% in April

Existing-Home Sales Wane 17.8% in April

“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.”

Existing-home sales dropped in April, continuing what is now a two-month skid in sales brought on by the coronavirus pandemic, according to the National Association of Realtors®. Each of the four major regions experienced a decline in month-over-month and year-over-year sales, with the West seeing the greatest dip in both categories.

April’s existing-home sales are the lowest level of sales since July 2010 (3.45 million) and the largest month-over-month drop since July 2010 (-22.5%).

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Record-low mortgage rates are likely to remain in place for the rest of the year, and will be the key factor driving housing demand as state economies steadily reopen,” Yun said. “Still, more listings and increased home construction will be needed to tame price growth.”

Last week, Lawrence Yun said he believes the worst is over.

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One Response to “Existing-Home Sales Wane 17.8% in April”

  1. May 24, 2020 at 3:04 am, TGIM: Thank Goodness It’s Monday 25 MAY 2020 | Michael Mahoney – Boston Realtor with Century 21 said:

    […] Existing-Home Sales Wane 17.8% in April » « Norfolk Field of Flags F15 Flyover on Memorial Day […]

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