42.5 F
Fort Worth
Thursday, December 3, 2020
Business Existing home sale plunge 9.7% in 3rd straight monthly drop

Existing home sale plunge 9.7% in 3rd straight monthly drop

Other News

Biden, top Democrats swing behind bipartisan virus aid bill

By ANDREW TAYLOR Associated PressWASHINGTON (AP) — President-elect Joe Biden swung behind a bipartisan COVID-19 relief effort Wednesday and his top Capitol Hill allies...

Robert Francis: Picturing City Hall

You can’t fight City Hall goes the old saying, but you can replace it. Fort Worth officials on Dec. 2 announced plans to purchase the...

Chinese moon probe begins return to Earth with lunar samples

BEIJING (AP) — A Chinese lunar probe lifted off from the moon Thursday night with a cargo of lunar samples on the first stage...

Phishing ploy targets COVID-19 vaccine distribution effort

BOSTON (AP) — IBM security researchers say they have detected a cyberespionage effort using targeted phishing emails to try to collect vital information on...


By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON (AP) — Existing home sales in the U.S. plunged 9.7% in May. It was the third straight monthly decline and further evidence of the harm the virus pandemic has done to the housing market.

The National Association of Realtors said Monday that the monthly decline pushed sales down to a seasonally adjusted annual rate of 3.91 million, the slowest pace since a home buyers tax credit expired in October 2010.
Sales fell in all regions of the country, with the biggest decline coming in the Northeast where virus infections were especially heavy.


Sales of both existing and new homes have fallen sharply during the traditional spring selling season as communities were locked down to prevent the spread of the coronavirus.
Sales in the Northeast slumped 13.9% from the previous month while sales in the West fell 11.1%. Sales slid 10% in the Midwest and 8% in the South.


The median price of a home sold in May was $284,600, up 2.3% from a year ago.
Lawrence Yun, chief economist of the Realtors, said based on anecdotal reports, he believed May could turn out to be the bottom for the housing market with sales showing a V-shaped recovery in coming months. However, many private economists believe the recovery from the disruptions caused by the coronavirus could take much longer.

close

Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

close

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Robert Francis: Picturing City Hall

You can’t fight City Hall goes the old saying, but you can replace it. Fort Worth officials on Dec. 2 announced plans to purchase the...

Sundt Construction promotes four

Sundt Construction Inc. promoted four employee-owners in its Dallas office: Holly Horsak  to senior project manager, Amber Simonson  to project manager II, Maria Luna to...

Fed reports slowing US economic activity due to virus surge

WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country found that economic activity in several regions slowed in November as...

Bell signs lease at former American Airlines Credit Union building

Bell Textron Inc., a Textron Inc. (NYSE: TXT) company and leading American aerospace manufacturer, has signed a long-term, 109,187-square-foot lease for the entire Class A, four-story building...

Incora announces group CEO as it makes Fort Worth move

David Coleal has been named Incora group chief executive officer effective Nov. 30, heading a company that was formed when Wesco Aircraft merged with ...