Existing home sales fell 17.8% in April to a seasonally adjusted annual rate of 4.33 million, the lowest level since July 2010, according to the National Association of Realtors (NAR). Year-over-year, existing home sales dropped 17.2%.
“The economic lockdowns––occurring from mid-March through April in most states––have temporarily disrupted home sales,” NAR Chief Economist Lawrence Yun said in a statement. “But the listings that are on the market are still attracting buyers and boosting home prices.”
The median existing home price in April was $286,800, a 7.4% increase compared with April 2019.
Existing home sales in the West had the largest drop during the month, falling 25.0%. The South, Northeast and Midwest had declines of 17.9%, 16.9% and 12.0%, respectively.
The full NAR report can be found here.