Home sales drop 18% in April, as inventory decline pushes prices to record high


A For Sale sign is seen in front of a home in Miami, Florida.

Joe Raedle | Getty Images

The economic fallout from the coronavirus hit the housing market hard in April.

Sales of existing homes fell 17.8% month to month, and were 17.2% lower than April 2019, seasonally adjusted, according to the National Association of Realtors. That puts the annualized pace at 4.33 million units, the slowest sales rate since September 2011. 

These numbers are based on closed sales, not signed contracts, so they represent contracts signed in late February and March. The April drop in closings is the largest one-month decline since July 2010, when the homebuyer tax credit, a federal stimulus resulting from the…


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