Sales of previously owned houses in the US dropped 9.7 percent from the previous month to a seasonally adjusted annual rate of 3.91 million units in May of 2020, below market expectations of 4.12 million. It is the lowest reading since October of 2010 as the coronavirus continues to take a toll on the economy. Declines were seen in all regions, although the Northeast experienced the greatest drop. Year-on-year, sales were down 26.6 percent, the biggest drop since 1982. The median existing-home price for all housing types in May was $284,600, up 2.3 percent from May 2019 ($278,200). Total housing inventory at the end of May totalled 1.55 million units, up 6.2 percent from April, and down 18.8 percent from one year ago. "Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year”, Lawrence Yun, NAR’s chief economist said.
Existing Home Sales in the United States averaged 3982.07 Thousand from 1968 until 2020, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. This page provides the latest reported value for - United States Existing Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Existing Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: National Association of Realtors
Existing Home Sales in the United States is expected to be 3850.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Existing Home Sales in the United States to stand at 2700.00 in 12 months time. In the long-term, the United States Existing Home Sales is projected to trend around 3200.00 Thousand in 2021 and 3700.00 Thousand in 2022, according to our econometric models.