flexiblefullpage - default
Currently Reading

How Is COVID-19 Affecting the Housing Market Weeks Into Social Distancing?

Advertisement
billboard - default

How Is COVID-19 Affecting the Housing Market Weeks Into Social Distancing?


April 3, 2020
Looking out the window
By Marina Andrejchenko

Two extremes are coming into play during the COVID-19 pandemic: Pending sales are down 42 percent compared to last year over the last seven days, but some committed homebuyers are buying houses without even stepping foot in the home, according to Redfin. It is unclear how long the effects of coronavirus on the housing market will last, but with the push for virtual tours, falling prices, and the success of only the extremely competitive-priced homes, some of the immediate impacts are clear. 

Uncertainty reigns in the real estate market right now, just like it does in the rest of American life. It’s clear that the number of home sales is going to decline over the short term, with pending sales down 42% between March 23 and March 29 compared to the prior year. What’s still unclear is what impact the COVID-19 pandemic will have on sale prices, and just how long the slowdown will last.

The first step in getting a perspective on where prices are heading is gauging how home-buying demand is changing. We measure home-buying demand by the annual growth rate in customers going on their first tour with a Redfin agent. On March 31, home-buying demand was down 33% over the previous seven days compared to the prior year. Last week when we reported on this number, it was down 27% compared to the prior year.

Read More

 

Advertisement
leaderboard2 - default

Related Stories

Affordability

Survey Shows Buyers Have Homebuying Regrets

More than 80% of respondents have regrets about their home purchase and 50% of upcoming buyers would consider forgoing using an agent

Affordability

Is Fractional Homeownership Any Kind of Solution for Housing Attainability?

The imbalance between housing supply and demand is spurring some innovative options within the real estate industry

Sales

What the NAR Commissions Settlement Means for Home Builders

The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Home builders can maximize efficiencies gained through simplification and standardization by automating both on-site and back-office operations 

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.