The National Association of Realtors (NAR) announced on Monday that the U.S. existing home sales plunged 9.7 percent m-o-m to a seasonally adjusted rate of 3.91 million in May from a 4.33 million in April, impacted by COVID-19. That was the lowest rate since October 2010.

Economists had forecast home resales decreasing to a 4.20 million-unit pace last month.

In y-o-y terms, however, existing-home sales slumped 26.6 percent in May, the biggest drop since 1982.

According to the report, each of the four major regions recorded declines in m-o-m and y-o-y sales, with the Northeast experiencing the greatest m-o-m drop. Single-family home sales stood at 3.57 million in May, down 9.4 percent from 3.94 million in April, and down 24.8 percent from one year ago. The median existing single-family home price was $287,700 in May, up 2.4 percent from May 2019. Meanwhile, existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 340,000 units in May, down 12.8 percent from April and down 41.4 percent from a year ago. The median existing condo price was $252,300 in May, a drop of 1.6 percent from a year ago.

“Sales completed in May reflect contract signings in March and April - during the strictest times of the pandemic lockdown and hence the cyclical low point,” noted Lawrence Yun, NAR’s chief economist. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”