WASHINGTON, June 22 — Battered by the coronavirus, US existing home sales posted their third straight monthly decline in May, falling 9.7 per cent compared to April, the National Association of Realtors (NAR) said today. With the sales pace hitting a seasonally adjusted annual rate of 3.91...
Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina, US, February 29, 2020. — Reuters pic
With the sales pace hitting a seasonally adjusted annual rate of 3.91 million properties in the month, the data was worse than analysts expected and down more than a quarter from the same month in 2019.However, a fall in supply and an uptick in prices points to a tightening market, and realtors and analysts expect a return of buyers as states loosen lockdowns imposed to contain the pandemic.
Continuing 99 months of year-on-year gains, median home prices ticked up 2.3 per cent from May 2019 to US$284,600 , with increases seen in all regions. “Although demand certainly dropped in March and April due to the crisis, supply dropped even more, and has thus far kept home prices from declining. We expect that home-price growth will pick up over the summer due to insufficient supply levels,” he said.
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