Skip to content

Pending home sales plunged 21.8% in April on a monthly basis

nybz404-427_2020_183447

BALTIMORE — April had a record collapse in Americans signing contracts to buy homes, a reflection of the broader shutdown of economic activity in response to the coronavirus outbreak.

The National Association of Realtors said Thursday that its pending home sales index plunged 21.8% from the prior month to a level of 69, the largest decline registered in data going back to 2001. Pending home sales have fallen 33.8% from a year ago. The index is a barometer of sales over the next two months when the transactions are completed.

There are signs that home sales have reached a trough and could rebound. Low mortgage rates have supported buyer demand, such that the government's report of new-home sales showed a slight increase in purchases last month.

Josh Boak, The Associated Press


Looking for National Business News?

VillageReport.ca viewed on a mobile phone

Check out Village Report - the news that matters most to Canada, updated throughout the day.  Or, subscribe to Village Report's free daily newsletter: a compilation of the news you need to know, sent to your inbox at 6AM.

Subscribe