Sales dropped to a seasonally adjusted annual rate of 300,000, the lowest since records begin in 1963. Sales in March and April were also revised lower; April’s sales pace was 446,000 compared with 504,000 originally reported.
The results were much worse than expected, and economists had expected a huge 20% decline to a seasonally adjusted annual rate of 405,000. See our complete economic calendar and consensus forecast.
Sales fell sharply in all four regions, with sales down more than 50% in the West.
