April home sales plunge almost 18%, largest decline in a decade

The coronavirus pandemic triggered the biggest drop in U.S. home sales in nearly a decade last month.

Sales of existing homes fell 17.8 percent month to month in April -- overall 17.2 percent lower than last year, according to the National Association of Realtors. That puts the annualized pace at 4.33 million units, the slowest since September 2011.

The drop in closings is the biggest one-month decline since July 2010.

Economists surveyed by Refinitiv had predicted existing home sales would decrease 18.9 percent in April.

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