US existing home sales plunge 17.8% in April

Sales of existing home plunged 17.8% in April as the coronavirus pandemic continued to batter the housing market.
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WASHINGTON (AP) Sales of existing home plunged 17.8% in April as the coronavirus pandemic continued to batter the housing market.

The National Association of Realtors said the April decline pushed sales down to a seasonally adjusted annual rate of 4.33 million units in April, the slowest pace September 2011.

The 17.8% drop in sales was the largest one-month decline since a 22.5% fall in July 2010 when sales were hurt by the removal of a home buyer tax credit which Congress had approved to help the housing market emerge from the 2006 collapse of the housing bubble.