por admin » Jue May 21, 2020 12:14 pm
Home sales dropped nearly 18% in April, while decline in inventory pushed prices to a record high
PUBLISHED THU, MAY 21 202010:00 AM EDTUPDATED AN HOUR AGO
Diana Olick
@IN/DIANAOLICK
@DIANAOLICKCNBC
@DIANAOLICK
Sales of existing homes fell 17.8% month to month, and were 17.2% lower than April 2019, seasonally adjusted, according to the National Association of Realtors.
The April drop in closings is the largest one-month decline since July 2010, when the homebuyer tax credit, a federal stimulus resulting from the subprime mortgage crash, expired.
The supply of homes for sale fell 19.7% annually to 1.47 million units for sale at the end of April. That is the lowest April inventory figure ever. That drop in inventory pushed prices to a record high.