U.S. home sales logged their biggest drop in nearly 10 years in April as the novel coronavirus pandemic upended the labor market and broader economy, undercutting demand for housing.
FILE PHOTO: Construction workers build a single family home in San Diego, California, U.S. February 15, 2017. Picture taken February 15, 2017. REUTERS/Mike Blake
Economists polled by Reuters had forecast existing home would decrease 18.9% to a rate of 4.30 million units in April. The report came on the heels of data on Tuesday showing a record collapse in homebuilding and permits in April. The worst of the housing market slump is likely behind as the country reopens after a near total shutdown since mid-March to slow the spread of COVID-19, the respiratory illness caused by the coronavirus.
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