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May's Poor Existing Sales Show the Effects of Lockdown

Posted To: MND NewsWire

Existing-home sales fell again in May, although only at a little more than half the rate of decline in April. Still, it marked the third month of falling sales as a result of the coronavirus outbreak. The National Association of Realtors® (NAR) said sales of previously owned single-family houses, townhomes, condos, and cooperative apartments sold at an annual rate of 3.91 million units during the month, a month-over-month decline of 9.7 percent. Existing home sales are now 26.6 percent lower than in May of 2019 when the annual rate was 5.33 million units. Sales have seen an aggregate decline over the last three months of 36.0 percent. The annual rate was below the mid-range of predictions from analysts polled by Econoday . They had a consensus forecast of 4.39 million units within a range…(read more)

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