Coronavirus sends pending home sales plunging 20.8% in March
National Association of Realtors index at lowest level since May 2011
The coronavirus broke a record U.S. economic growth streak. Macromavens President Stephanie Pomboy with more.
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
BALTIMORE (AP) — U.S. home sales showed signs of collapsing in March, as the number of contract signs plunged sharply because of the coronavirus outbreak.
The National Association of Realtors said Wednesday that its pending home sales index, which measures signed buyer contracts, plummeted a seasonally adjusted 20.8% in March from the prior month to a reading of 88.2. That is the lowest level since May 2011. Pending sales have fallen 16.3% from a year ago.
PHOENIX, SEATTLE SEE BIGGEST PRE-CORONAVIRUS ANNUAL HOME PRICE GAINS
The economic shutdown resulting from COVID-19 has hit real estate hard. Sales listings were already tumbling, but would-be buyers are now also coping with a rattled stock market and an uncertain job outlook as 26 million people are out of work. Still, the Realtors expect sales to begin recover once the outbreak subsides.
GET FOX BUSINESS ON THE GO BY CLICKING HERE