U.S. home resales tumble in May

WASHINGTON — Sales of existing U.S. homes plunged by 26.6 percent annually, according to the National Association of Realtors, the largest annual decline since 1982. The seasonally adjusted annual rate of 3.91 million units marked a 9.7 percent decline from April. The figures represent sales closed in March and April as lockdowns went into effect across the U.S. “I am very confident that this will be the cyclical low point,” NAR Chief Economist Lawrence Yun remarked. “Buyers are coming back and listings are coming back.”