Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: Housing Market Update From-Realtor.com!
Here is the latest housing market update from realtor.com. As expected COVID-19 hit the nation’s housing market hard in April. Last month’s data illustrates the real time impact of coronavirus. According to realtor.com new listings fell almost 45 percent in April compared to last year. Typically, April is the kick-off to a robust Spring buying season. The lack of new listings combined with sellers taking homes off the market all contributed to a new April low for inventories. “I see the pace ahead as a slow rebound for the housing market,” George Raitu, realtor.com’s senior economist. The total number of homes for sale across the U.S. was down 15.3 percent year-over-year. April’s drop in inventory amounted to a loss of 189,000 listings compared to this time last year. “Coronavirus keeps sellers on the sidelines,” explains Raitu. Housing Market Update From-Realtor.com!
As popular as virtual home tours are for browsing it’s clear most buyers want to see and experience a home in real time. Since traditional showings and open houses remain a thing of the past right now expect to see Days on Market increases around the country. Additionally, social distancing measures combined with stricter mortgage lending criteria potentially extend the days a property sits on the market. Consider that pending home sales dropped 20.8 percent in April from the prior month. This was the largest monthly drop since 2011.
Home prices in April started showing the impact of COVID-19. Forty-seven of the country’s largest 50 metros saw prices drop. Though those drops weren’t in double-digit territory, it’s not encouraging news. Areas with the sharpest declines were Dallas-Fort Worth-Arlington, Texas (-5.7 percent); Seattle-Tacoma-Bellevue, Wash. (-4.5 percent); and Chicago-Naperville-Elgin, Ill.-Ind.-Wis. (-4.4 percent) for the Check back soon for more market updates.
The inspiration for today’s edition came from this original article: https://www.forbes.com/sites/ellenparis/2020/05/08/latest-housing-market-update-from-realtorcom/
If you are seriously considering moving right now you need to take action right now and talk to a reputable Real Estate & Mortgage Broker today, please call 281-222-0433 or visit: