The coronavirus is changing homebuyer behavior: Realtors are seeing less traffic, demand for virtual home tours is way up, and stay-at-home orders are closing down open houses. But most of the formal data collected so far came before the virus’ effects came into play. Zillow rounded up some of the housing industry's trends during this unprecedented time, including the violent swings in mortgage rates and how lenders are responding.
In these first few weeks since the U.S. coronavirus began in earnest, there has been a relative lack of hard, timely data reflecting the most recent changes in the housing market. Initial signals suggest housing was on relatively solid footing in the immediate pre-crisis period – but the strength of that foundation is being severely tested.
Below is a roundup of key trends and informal data illustrating how the mortgage and home purchase markets are responding to early changes in consumer and market behavior; moves taken and proposed by both state/local and the federal government to protect consumers; and how the home building industry is faring so far.