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Home Sales Increase Year-Over-Year Despite Expected Monthly March Sales Decline Due to Impact of COVID-19
Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors®. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. “Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,” said Lawrence Yun, NAR’s chief economist. “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.” “Earlier in the year, we watched inventory gradually tick upward but with the current ... (full story)