US Home Sales Plummeted 8.5% in March

BALTIMORE (AP) — U.S. sales of existing homes cratered 8.5% in March with real estate activity stalled by the coronavirus outbreak.

The National Association of Realtors said Tuesday that 5.27 million homes sold last month, down from 5.76 million in February. The decrease was the steepest since November 2015.

Home-buying had been steady for the first half of March because of low mortgage rates and the finalization of contracts signed in prior months, only to collapse in response to COVID-19 burying the economy in a recession. Sales in March were still 0.8% higher from a year ago, when mortgage rates were higher than now.

- Sponsors -

The number of homes for sale in March plunged 10.2% from a year ago to 1.5 million properties.

The national median sales price jumped 8% over 12 months to $280,600.

 

- Partner Content -

Entergy’s Energy Smart Program Brings Cost Conscious Innovation to New Orleans

Offering comprehensive energy efficiency at no cost to the consumer, Entergy’s Energy Smart program incentivizes Entergy New Orleans customers to perform energy-saving upgrades in...

By AP reporter Josh Boak

 

Digital Sponsors / Become a Sponsor

Follow the issues, companies and people that matter most to business in New Orleans.

Email Newsletter

Sign up for our email newsletter