Pending home sales dropped 20.8% in March, as sales in the United States contracted because of the coronavirus pandemic, according to new data from the National Association of Realtors.
Contract signings declined 16.3% compared to March 2019.
As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates," said Lawrence Yun, NAR’s chief economist, in a release.
Yun said an improvement later in the year "will be insufficient to make up for the loss of sales in the second quarter." The firm predicts a 14% decline in home sales for the year.