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Existing home sale plunge 9.7% in 3rd straight monthly drop

Existing home sale plunge 9.7% in 3rd straight monthly drop Photo: WDIO-TV

MARTIN CRUTSINGER AP Economics Writer
Created: June 22, 2020 10:55 AM

WASHINGTON (AP) - US existing home sales plunged 9.7% in May. It was the third straight monthly decline and further evidence of the harm the virus pandemic has done to the housing market.

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The National Association of Realtors said Monday that the May decline pushed sales down to a seasonally adjusted annual rate of  3.91 million, the slowest pace since a home buyers tax credit expired in October 2010. Sales were down in all parts of the country with the biggest decline coming in the Northeast.

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MARTIN CRUTSINGER AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

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