May marks the third month of declining sales due to the coronavirus pandemic, with a decrease of 9.7% from April. Overall, the year-to-year sales are down 26.6% or 5.33 million from 2019. As every region has felt the decline, the Northeast has experienced the most significant drop in sales.
NAR’s Chief Economist Lawrence Yun explains that the sales closed in May is a reflection of the contract signings that occurred in March and April, the depths of the pandemic. But, remains hopeful that the market will make an extreme rebound, he states, “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”
For more information on Existing-Home Sales for May 2020: Read the Original Article Here
Copyright ©2020 “Existing-Home Sales Fall 9.7% in May While NAR Expects Strong Rebound in Coming Months” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. June 25, 2020, https://www.nar.realtor/newsroom/existing-home-sales-fall-9-7-in-may-while-nar-expects-strong-rebound-in-coming-months