Economic Report: Existing home sales drop in May, but signs point to a big rebound in the real-estate market this summer

Economic Report: Existing home sales drop in May, but signs point to a big rebound in the real-estate market this summer

The numbers: Sales of previously-owned homes slid 9.7% in May as the coronavirus pandemic continued to weigh on the U.S. real estate market.

Existing-home sales occurred at a seasonally-adjusted annual pace of 3.91million, the National Association of Realtors reported Monday. It was the lowest level for existing-home sales since July 2010.

Compared with last year, sales were down 26.6% in May.

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