Existing Home Sales Fall By 9.7%

According to the National Association of Realtors, existing home sales fell by 9.7% in May, compared to the previous month.  For the year to-date, sales are down 26.6%, which is the biggest drop since 1982.  Of course, the coronavirus pandemic has contributed to continuing declines in home sales, but there are signs that the May numbers may represent the low.  A big factor helping cause the decline is the lack of supply of homes for sale.  Many buyers are waiting for the pandemic to slow down before listing their homes for sales.  With many states starting to open up amid signs of the pandemic slow down, it is expected that more homes wil be available to buyers.