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Free AccessMNI DATA: Lockdowns Disrupt US April Home Sales; Prices Higher
--NAR Says Existing Home Sales Lowest In A Decade
By Ryan Hauser
WASHINGTON (MNI) - April U.S. existing-home sales fell -17.8% to 4.33
million, continuing a two-month slide to their slowest pace since September 2011
as nationwide lockdowns disrupted sales amid an increasingly pricey housing
market, the National Association of Realtors said Thursday.
NAR chief economist Lawrence Yun told reporters he expects sales to pick up
in the months to come. "What we are hearing from realtors is that they are
getting busy" as "foot-traffic activity is becoming much livelier in May" after
states relaxed stay-at-home orders.
"The economic lockdowns -- occurring from mid-March through April in most
states -- have temporarily disrupted home sales," said Yun. "But the listings
that are on the market are still attracting buyers and boosting home prices."
Yun also cited stock market disruptions starting in mid-February as having a
lingering negative effect on existing home sales.
The month-over-month drop in sales was the largest since July 2010 when
they were 3.45 million after a tax break for U.S. homeowners ended, NAR said.
Sales declined across all major regions, down -16.9% in New England, -12.0%
in the Midwest, -17.9% in the South, and -25.0% in the West.
Yun said April saw a "marked difference" between sales in single-family
units and condominiums, with the former down -16.9% and the latter down -26.4%.
"There appears to be a shift in preference for single-family homes over
condominium dwellings," he said. "This trend could be long-lasting as remote
work and larger housing needs will become widely prevalent even after we emerge
from this pandemic."
Despite the large monthly drop in sales, the national median for existing
home prices was the highest ever, Yun said, reaching $286,800, a 4.7% increase
year-over-year.
Yun emphasized the national need for more affordable housing and called the
current price appreciation "unhealthy." The upside, however is that distressed
sales, which made up only about 3% of monthly sales, "are a nonfactor given that
prices are rising," Yun said.
--MNI Washington Bureau; +1 202 371 2121; email: ryan.hauser@marketnews.com
[TOPICS: M$U$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.