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Existing Home Sales See Largest Drop in Nearly 10 Years

By Fan-Yu Kuo
NAHB – Eye on Housing
May 21, 2020
Category: Finance & Economics
Region: United States

Existing home sales, as reported by the National Association of Realtors, fell for the second straight month in April. Total existing home sales dropped 17.8% to a seasonally adjusted annual rate of 4.33 million in April, the lowest level since July 2010. The April decline was also the largest monthly decline since July 2010. Sales were 17.2% lower than a year ago. The first-time buyer share rose to 36% in April from 34% last month and 32% a year ago. The April inventory level decreased to 1.47 million units from 1.49 million units in March and from 1.83 million units a year ago.

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