Existing home sales plummeted in May as the coronavirus continued to hammer the economy, but Realtors expect that it will represent the bottom.
Sales of existing homes in May fell 9.7% compared with April, to a seasonally adjusted annualized rate of 3.91 million units, according to the National Association of Realtors. Sales were down 26.6% annually. That is the largest annual decline since 1982, when interest rates were about 18%. It is also the slowest sales pace since October 2010.
These numbers are based on closed sales, representing contracts signed in March and April. Given that those months saw the worst of the economic shutdown from the coronavirus, it is not surprising that the…