Existing home sales plunge 9.7% in 3rd straight monthly drop
Sales fell in all regions of the country, with the biggest decline coming in the Northeast
FOX Business’ Susan Li breaks down U.S. home sales for the month of May.
WASHINGTON — Existing home sales in the U.S. plunged 9.7% in May. It was the third straight monthly decline and further evidence of the harm the virus pandemic has done to the housing market.
The National Association of Realtors said Monday that the monthly decline pushed sales down to a seasonally adjusted annual rate of 3.91 million, the slowest pace since a home buyers tax credit expired in October 2010.
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Sales fell in all regions of the country, with the biggest decline coming in the Northeast where virus infections were especially heavy.
WEALTHY AMERICANS ARE FLOCKING TO THIS CARIBBEAN NATION TO BUY LUXURY REAL ESTATE
Sales of both existing and new homes have fallen sharply during the spring sales season as the housing market was hurt by the shutdowns put into effect to help contain the spread of the virus.
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