Government shutdowns ground housing to a near halt in April.
Sales of pre-owned homes plunged by the largest amount in nearly a decade last month, according to the National Association of Realtors, falling 17.8% year-over-year to an annualized 4.33 million units.
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That was the steepest annual drop since July 2010, when housing sales hovered around 3.45 million.
“The economic lockdowns, occurring from mid-March through April in most states, have temporarily disrupted home sales,” said Lawrence Yun, NAR’s chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.”
