The National Association of Realtors announced that pending home sales – contracts signed to buy existing homes – dropped to a record low in April, falling 30.4 percent year-over-year and 33.3 percent from March as the COVID-19 pandemic continued to cause economic turmoil and suppress demand for housing. This is an even bigger drop than during the financial crisis in 2008, when pending home sales fell 24 percent. The index fell to 86.4, significantly lower than the index high of 125.8 in December 2017.
Pending home sales drop to a record low, even worse than during the financial crisis
