WASHINGTON (AP) — Existing home sales in the U.S. 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.
The National Association of Realtors said Monday that the monthly 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 fell in all regions of the country, with the biggest decline coming in the Northeast where virus infections were especially heavy.
Sales of both existing and new homes have fallen sharply during the spring sales season as the housing market was hurt by the shutdowns put into effect to help contain the spread of the virus.
LATEST STORIES:
- Man charged with attempted murder in Pensacola Village shooting
- Chilly and dry night, Nice and mild Tuesday
- Pensacola may ease restrictions as vaccines expand, COVID-19 numbers go down
- Gasoline prices continue to rise
- Family, friends remember young mother with candlelight vigil for what would’ve been her 28th birthday