US existing home sales plunge 17.8%

WASHINGTON — Sales of existing homes fell 17.8% in April with the real estate market still in the grips of the coronavirus pandemic.

The National Association of Realtors said Thursday that last month’s decline pushed sales down to a seasonally adjusted annual rate of 4.33 million units, the slowest pace since September 2011.

The sales drop was the largest onemonth decline since a 22.5% fall in July 2010.

The median price for a home sold in April was $286,800, which was an increase of 7.4% from a year ago.

Sales dropped in all parts of the country: the West, 25%; the South, 17.9%; the Northeast, 16.9%; and the Midwest, 12%.