Existing-home sales bottom out at a nearly 10-year low — but National Association of Realtors says a recovery is coming
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Existing home sales slumped 9.7% to a seasonally adjusted annual rate of 3.91 million units in May, the National Association of Realtors said Monday.
"Home sales will surely rise in the upcoming months with the economy reopening," Lawrence Yun, chief economist at the NAR, said in aNew home construction needs to pick up through the summer to meet demand and avoid a price spike, Yun added.Existing home sales tanked 9.7% in May but a housing-market recovery is on the horizon, the National Association of Realtors said Monday.
"Sales completed in May reflect contract signings in March and April — during the strictest times of the pandemic lockdown and hence the cyclical low point," Lawrence Yun, chief economist at the NAR, said in a Economists were also optimistic despite the May report falling below expectations. Experts expected sales to land at 4.09 million last month, according to Pantheon Macroeconomics, but the miss isn't cause for concern.
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