MARTIN CRUTSINGER-AP Economics Writer">
published on June 22, 2020 - 12:30 PM
Written by

(AP) — 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.

Sales fell in all regions of the country, with the biggest decline coming in the Northeast where virus infections were especially heavy.

Sales of both existing and new homes have fallen sharply during the traditional spring selling season as communities were locked down to prevent the spread of the coronavirus.

Sales in the Northeast slumped 13.9% from the previous month while sales in the West fell 11.1%. Sales slid 10% in the Midwest and 8% in the South.

The median price of a home sold in May was $284,600, up 2.3% from a year ago.

Lawrence Yun, chief economist of the Realtors, said based on anecdotal reports, he believed May could turn out to be the bottom for the housing market with sales showing a V-shaped recovery in coming months.

However, many private economists believe the recovery from the disruptions caused by the coronavirus could take much longer.


e-Newsletter Signup

Our weekly poll

Are Fresno grocery workers entitled to hazard pay of an extra $3 an hour?

Loading ... Loading ...

Central Valley Biz Blogs

Popup
shares

3/5

Article views

remaining

Sign up icon

To continue website access to

TheBusinessJournal.com

please create a FREE account OR login here.

1/5

Article views

remaining

SKIP THE POP-UPS
For only $59 for one 1-year you will receive the Print edition along with EVERYTHING The Business Journal has to offer digitally, PLUS you will have unlimited 24- hour a day access to view articles at

TheBusinessJournal.com

Use Promo Code

*New Subscribers Only

Digital and Print

XX Days Remaining

until you can view 5 more free articles

Sign up icon

Want access? Subscribe now & save $20 OFF.

Use Promo Code

WEBSUB20

* NEW SUBSCRIBERS ONLY