Existing-home sales plummet 18% in April as the coronavirus pandemic stymies real-estate activity

Sales of previously-owned homes slid nearly 18% in April as the coronavirus pandemic upended the U.S. real estate market. Existing-home sales occurred at a seasonally-adjusted annual pace of 4.33 million, the National Association of Realtors reported Tuesday. Economists polled by MarketWatch had forecast existing-home sales to take place at an annual pace of 4.2 million. The inventory of unsold homes, meanwhile, increased to a 4.1-month supply.