Key Highlights

  • 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:

Download Your FREE Ultimate Agent Survival Guide Now. This is the exact ‘do this now’ info you need. Learn NOW How to Access All The Bailout Program Cash You Deserve. Including Unemployment and Mortgage Forbearance Plans. To Access the Ultimate Agent Survival Guide Now Text The Word SURVIVAL to 47372. 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & privacy: slkt.io/JWQt

  1. Sellers are delisting their homes less than they were just weeks ago.
    1. During the last week of March, 148% of the homes listed for sale were delisted
    2. During the week of April 10, de-listings rose 68% y/y to 20,544 homes
    3. 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…”
  2. Longer days on the market
    1. Because sellers de-listing less, DOM are becoming longer.
    2. Marr said that if houses stay on the market longer, seller may choose to lower their prices.
  3. Active listings sinking more or less depending upon the market.
    1. 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.
    2. Again, among the 12 US markets with the most home sales, Detroit, Houston and Atlanta all lost -8% of their listings.
  4. Pending home sales are falling off a cliff.
    1. 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.
    2. 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.
  5. Home price growth is now considered to be officially flat y/y.
    1. Median listing price, $305,000, same now as it was since the beginning of March.

 

Thanks to Redfin’s Lily Katz.

Also read: Banks Earned $10B in Fees for Handling Small Business Loan Program, Default Cycle Has “Officially” Begun, Direct Access – Self Guided Home Tours from Redfin

Claim Your FREE Real Estate Treasure Map!

RELATED ARTICLESMORE FROM AUTHOR