Having dropped 8.5 percent in March as the impact of COVID-19 started to take hold, the seasonally adjusted pace of existing-home sales across the U.S. plummeted another 17.8 percent in April to an annual rate of 4.33 million sales, which is down 17.2 percent on a year-over-year basis, according to the National Association of Realtors.

The biggest drop in sales was out West, where the pace fell 25 percent from March to April and was down 27 percent versus the same time last year.

But as we noted last month, keep in mind that the pace of sales is driven by contract activity the month prior.  And as such, expect the pace of sales to drop even further in May.

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