- Delisting homes now slowing down
- Longer Days on the Market
- Home price growth flat
According to latest housing market research done by Redfin, here are five indicators that illustrate how the COVID-19 pandemic has upended residential real estate:
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- Sellers are delisting their homes less than they were just weeks ago.
- During the last week of March, 148% of the homes listed for sale were delisted
- During the week of April 10, de-listings rose 68% y/y to 20,544 homes
- Redfin’s lead economist Taylor Marr said, “The worst may be behind us when it comes to de-listings. Sellers who had homes on the market when shelter-in-place orders were implemented were faced with a choice…keep their homes listed or pull them off…many opted to de-list, and the market is now concentrated with folks who need to sell…”
- Longer days on the market
- Because sellers de-listing less, DOM are becoming longer.
- Marr said that if houses stay on the market longer, seller may choose to lower their prices.
- Active listings sinking more or less depending upon the market.
- Among the 12 US markets with the most home sales, Philadelphia lost -38% of its listings; Los Angeles lost -34% of its listings; Phoenix lost -31% of its listings.
- Again, among the 12 US markets with the most home sales, Detroit, Houston and Atlanta all lost -8% of their listings.
- Pending home sales are falling off a cliff.
- During the week ending April 10, there was a -54% decrease in the number of homes under contract compared to the same week last year.
- During the last week in March, there was a -42% decrease in the number of homes under contract compared to the same week last year.
- Home price growth is now considered to be officially flat y/y.
- Median listing price, $305,000, same now as it was since the beginning of March.
Thanks to Redfin’s Lily Katz.