When the first shelter-in-place orders started coming through, some home sellers rushed to delist their houses.Though that trend is slowing down, some local markets are still experiencing a decline in inventory. Moreover, the overall health of the housing market is a far cry from the start of year’s optimism: Properties are spending more time on the market, home prices are stagnant, and pending sales are in free fall as they plummet 54 percent year-over-year, according to Redfin. See Redfin’s five charts that show where the housing market stands today.
As Americans grow accustomed to a new reality under quarantine, fewer people are delisting their homes, properties are sitting on the market for longer and growth in home prices has officially hit zero, according to research from Redfin.
Here are five charts that illustrate the latest developments in the housing market as the coronavirus pandemic continues to upend residential real estate and the spring home buying season.
The Rush to Delist Is Slowing
Americans are still removing their homes from the market at a higher rate than they were at this time last year, but at a significantly lower rate than they were several weeks ago. During the week ending April 10, delistings rose 68% year-over-year to 20,544 homes, down from 148% during the final week of March.