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New Home Sales Soar as Existing Home Sales Drop in May

Mortgage News > New Home Sales Soar as Existing Home Sales Drop in May
Date: 06/23/2020    New Home Sales Soar as Existing Home Sales Drop in May

Coronavirus shutdowns had a varied effect on the U.S. housing market in May, with an increase in sales of new homes but a decline in existing homes. New home sales jumped to an annual rate of 676,000, up 16.6% from April and 12.7% from a year earlier. Existing home sales, however, fell to an annual rate of 3.91 million units, down 9.7% from April and 26.6% on an annual basis, according to the National Association of Realtors. Experts do believe that the market has now bottomed out for 2020.

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