WASHINGTON, April 24: US home sales plummeted dramatically last month, marking the biggest monthly fall in over 18 years and dashing hopes the market was poised to rebound, new industry figures showed on Tuesday.
The National Association of Realtors (NAR) said existing US home sales sank a heavy 8.4 per cent to an annualised pace of 6.12 million units in March, well below most forecasts that had predicted sales of 6.45 million units.
Sales of apartments and homes across the United States had been expected to drop in March, but the decline was much worse than anticipated and some analysts said it would ratchet up pressure on the Federal Reserve to cut interest rates.
“Ugly is the simplest word for this report,” said Joel Naroff, of Naroff Economic Advisors, who advises financial firms on economic matters.—AFP
