Economics
Sales of Previously Owned U.S. Homes Fall to Lowest Since 2010
- Closings at 3.91 million rate, below 4.09 million forecast
- Market for condominiums weaker than single-family homes
Photographer: Andrew Harrer/Bloomberg
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U.S. sales of previously owned homes dropped in May by more than forecast to the lowest level since October 2010 as the coronavirus pandemic sent demand skidding along with the rest of the economy.
Closing transactions decreased 9.7% from the prior month to an annualized pace of 3.91 million, data from the National Association of Realtors showed Monday. The median forecast in a Bloomberg survey of economists called for a 4.09 million rate. Compared with a year ago, purchases were down 26.6%, the biggest annual slide since February 2008.