How Is COVID-19 Impacting the Housing Market Right Now?
As businesses close and many Americans hunker down at home amid COVID-19, fears of how long this may last and if a recession will follow are on the minds of many. With public concern sky high, builders are no doubt wondering how the virus is impacting the housing industry. According to a Realtor.com survey that more than 3,000 realtors took at the start of the week, the virus’ disruption is substantial. Nearly 28 percent of realtors are seeing fewer homes on the market due to the coronavirus, 40 percent reported that open houses are on hold, and 16 percent have had clients take their listing off the market--up from a mere three percent the week before.
The coronavirus pandemic, and resulting financial crisis, stock market crash, and growing number of layoffs, could make the already serious housing shortage even more severe.
Amid widespread fear and unprecedented measures, including social distancing and "shelter in place" procedures in especially hard-hit cities, nearly 28% of Realtors® are seeing fewer homes on the market as a result of the coronavirus, according to the most recent National Association of Realtors® Flash Survey: Economic Pulse report. And the inventory shortage is growing by the minute as only 10% of Realtors observed fewer listings the week before.
More than 3,000 Realtors participated in the survey conducted on Monday and Tuesday of this week.