Existing-home sales hit their lowest level in a decade as the coronavirus pandemic continued to play havoc on the housing market.
Sales of previously lived-in homes plummeted 17.2%, to just 4.33 million transactions in April compared with a year ago, according to the seasonally adjusted numbers in a recent report from the National Association of Realtors®. They were down 17.8% from March as much of the country stayed home to help stem the spread of COVID-19.
“Sales are at the worst level in about a decade. But all things considered, it really could’ve been worse,” says realtor.com® Chief Economist Danielle Hale. “It’s not surprising given that everyone’s staying home.”
With nearly 39 million folks filing for unemployment since the crisis began two months ago and many parts of the country still prohibiting in-person showings, May and June could also be rough months for the housing market, she predicts.
We’re still super busy in Mohave County. It’s startling to see the number of sales, and the number of new homes being constructed.