Naturally, the coronavirus and efforts to slow its spread have affected the housing market. Early on, surveys showed that home sellers were more pessimistic than buyers were about about market conditions. Consequently, the number of homes for sale took a hit. Homeowners who had planned to sell this spring delayed their plans and took a hesitant stance. After weeks of declining active listings, recently there has been positive trends.
Improving Housing Market
New data from the National Association of Realtors shows that the number of new listings is starting to improve. While still far below last year’s levels, the volume of newly listed properties improved from the 43% at the end of April to 29% below year-before levels as of last week. The momentum that has been leading to the decline of the market is slowing down. At this point, more than two thirds of large metropolitan areas have improved.
Hope on the Horizon
That improvement offers hope that more gains could be on the horizon. Danielle Hale, chief economist for the National Association of Realtors site, says it’s a positive sign. However, caution still needs to be exercised. “While new listings are still declining on a yearly basis, last week’s jump shows some sellers are ready for a summer home sale – a positive sign for the market,” Hale said. “But despite this uptick, time on market continues to increase and there’s a long road ahead to getting back to last year’s pace of new sellers.” For more information, read the article from Realtor.com.
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