SANTA CLARA, Calif.,
May 5, 2020 /PRNewswire/
-- Newly listed homes dropped 44.1 percent in April --
historically one of the busiest months for residential real estate
-- an indication sellers decided to wait and see how market
conditions play out over the coming months, according to
realtor.com®'s April Monthly Housing Trends Report,
released today. The report offers the first full month of data
showing the impact the COVID-19 pandemic is having on residential
real estate throughout the U.S.
The significant decrease in new listings adds a new dimension to
the nation's inventory-starved housing market. The Northeast -- the
region hit hardest by the COVID-19 pandemic -- saw the greatest
decline in new listings at 59.4 percent. It was followed by
declines of 49.5 percent in the Midwest, 44.1 percent in the West,
and 31.4 percent in the South.
"The good momentum we saw at the start of the year has helped to
somewhat insulate the housing market from the coronavirus' negative
impact on buyer and seller confidence across the U.S. Although we
saw sharp drops in new listings, an increase in the time it takes
to sell a home and a flattening of prices in April, May is likely
to see some of these metrics worsen," said realtor.com®
Chief Economist Danielle Hale.
She added, "Just how significantly the housing market is
impacted by the pandemic will depend on how effective the country
is at containing the virus and how the economy responds. If all
goes well, we could see buyers returning to the market aggressively
this summer to make up for the spring they lost."
The combination of a decline in new listings and many sellers
opting to delist their properties pushed the total number of homes
for sale across the U.S. 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. Within the nation's 50 largest metros,
inventory declined by 16 percent overall, and none of the 50 metros
saw an increase in inventory over last year. The metros with the
biggest declines in inventory were Milwaukee-Waukesha-West Allis,
Wis. (-46.1 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-38.7 percent);
and Providence-Warwick, R.I.-Mass. (-29.3 percent).
Days on market increased in April
Homes sold in 62
days on average nationally in April, four days slower than
April 2019. This is likely an
indication that buyers also have decided to step back to see if
economic conditions will improve over the coming months.
Weekly data suggests May could see homes sitting even longer.
During the week ending on April 25,
homes spent an average of nine days more on the market than the
same week last year. Additionally, social distancing measures and
stricter mortgage lending criteria have made viewing a home and
qualifying for a mortgage more difficult, which could continue to
extend the amount of time a property sits on the market. Metros
with the greatest increase in days on market were led by
Buffalo-Cheektowaga-Niagara
Falls, N.Y. (+24 days); Detroit-Warren-Dearborn,
Mich. (+22 days); and Pittsburgh,
Pa, (+15 days).
Typical home asking prices flatten
Nationally, the
median listing price grew 0.6 percent year-over-year to
$320,000. However, this was notably
slower than March's price growth rate of 3.8 percent. This trend is
driven by diminished seller expectations and by a shift in the mix
of homes for sale. All of the nation's most expensive large metros
have seen newly listed homes drop by 40 percent or more. Some
lower-priced large metros have seen large declines in newly listed
homes, but others have seen much more moderate reductions. Of the
nation's 50 largest metros, 47 saw prices decelerate compared to
March. The steepest price declines were seen in 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).
Metro
|
New Listings
YoY
|
Active Listing Count
YoY
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Days on
Market
|
Median Days on Market
YoY
|
Milwaukee-Waukesha-West Allis, Wis.
|
-80.0%
|
-46.1%
|
$340,500
|
-0.6%
|
45
|
2
|
Detroit-Warren-Dearborn, Mich.
|
-75.3%
|
-13.0%
|
$245,000
|
-3.6%
|
60
|
22
|
Pittsburgh,
Pa.
|
-74.8%
|
-16.6%
|
$217,300
|
14.4%
|
83
|
15
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-69.5%
|
-21.2%
|
$219,900
|
3.5%
|
64
|
24
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
-68.8%
|
-38.7%
|
$299,900
|
9.1%
|
62
|
13
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
-67.9%
|
-11.2%
|
$575,000
|
2.9%
|
54
|
3
|
Rochester,
N.Y.
|
-58.2%
|
-26.1%
|
$250,000
|
7.5%
|
48
|
13
|
San
Francisco-Oakland-Hayward, Calif.
|
-56.1%
|
-28.6%
|
$938,400
|
0.5%
|
40
|
11
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-56.0%
|
-26.7%
|
$617,500
|
2.9%
|
46
|
11
|
Denver-Aurora-Lakewood, Colo.
|
-55.5%
|
-23.7%
|
$547,000
|
4.4%
|
33
|
3
|
Providence-Warwick,
R.I.-Mass.
|
-55.2%
|
-29.3%
|
$399,000
|
5.8%
|
54
|
6
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-53.2%
|
-17.0%
|
$324,900
|
-4.4%
|
51
|
12
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-51.5%
|
-26.8%
|
$1,198,000
|
7.5%
|
35
|
7
|
Baltimore-Columbia-Towson, Md.
|
-50.2%
|
-28.9%
|
$328,300
|
-0.5%
|
49
|
9
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
-50.0%
|
-11.3%
|
$399,000
|
-0.2%
|
91
|
6
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-50.0%
|
-21.3%
|
$902,500
|
N/A
|
58
|
N/A
|
Hartford-West
Hartford-East Hartford, Conn.
|
-48.3%
|
-24.2%
|
$285,000
|
3.6%
|
56
|
6
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.V.
|
-45.7%
|
-24.1%
|
$500,000
|
4.3%
|
35
|
5
|
Kansas City,
Mo.-Kan.
|
-45.2%
|
-23.4%
|
$340,000
|
5.4%
|
61
|
11
|
Riverside-San
Bernardino-Ontario, Calif.
|
-44.4%
|
-23.2%
|
$419,900
|
2.4%
|
56
|
3
|
Las
Vegas-Henderson-Paradise, Nev.
|
-43.8%
|
-5.0%
|
$328,500
|
3.9%
|
43
|
1
|
Columbus,
Ohio
|
-43.5%
|
-16.1%
|
$309,500
|
3.2%
|
43
|
6
|
Cleveland-Elyria,
Ohio
|
-43.2%
|
-24.4%
|
$199,900
|
-4.1%
|
59
|
7
|
New Orleans-Metairie,
La.
|
-42.6%
|
-7.7%
|
$289,700
|
-2.4%
|
68
|
5
|
San Diego-Carlsbad,
Calif.
|
-42.4%
|
-27.0%
|
$727,000
|
3.9%
|
40
|
8
|
St. Louis,
Mo.-Ill.
|
-41.0%
|
-17.8%
|
$234,000
|
1.8%
|
61
|
5
|
Cincinnati,
OH-KY-IN
|
-40.2%
|
-28.4%
|
$304,400
|
8.6%
|
48
|
1
|
Seattle-Tacoma-Bellevue, Wash.
|
-40.0%
|
-18.2%
|
$600,000
|
-4.5%
|
32
|
4
|
Louisville/Jefferson
County, K.Y.-Ind.
|
-39.1%
|
-16.4%
|
$275,000
|
-3.5%
|
51
|
4
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-39.1%
|
-17.1%
|
$478,400
|
0.5%
|
42
|
6
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-39.1%
|
-11.5%
|
$499,000
|
2.5%
|
38
|
3
|
Memphis,
Tenn.-Miss.-Ark.
|
-38.1%
|
-19.9%
|
$249,900
|
12.2%
|
57
|
-1
|
Indianapolis-Carmel-Anderson, Ind.
|
-35.4%
|
-10.7%
|
$284,900
|
-2.6%
|
51
|
1
|
Dallas-Fort
Worth-Arlington, Texas
|
-35.2%
|
-10.7%
|
$339,300
|
-5.7%
|
50
|
5
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-34.1%
|
-15.2%
|
$279,300
|
0.2%
|
55
|
-3
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-33.8%
|
-20.2%
|
$340,000
|
-2.7%
|
44
|
-7
|
Raleigh,
N.C.
|
-33.4%
|
-9.8%
|
$366,800
|
-0.9%
|
51
|
0
|
Orlando-Kissimmee-Sanford, Fla.
|
-33.1%
|
-8.2%
|
$312,500
|
0.0%
|
57
|
-1
|
Atlanta-Sandy
Springs-Roswell, GA
|
-31.7%
|
-11.7%
|
$325,000
|
-1.5%
|
49
|
3
|
Houston-The
Woodlands-Sugar Land, Texas
|
-29.6%
|
-5.0%
|
$311,000
|
-4.1%
|
55
|
4
|
Austin-Round Rock,
Texas
|
-28.9%
|
-13.1%
|
$365,900
|
-1.3%
|
43
|
-3
|
Richmond,
Va.
|
-26.1%
|
-10.4%
|
$337,700
|
1.3%
|
46
|
1
|
San Antonio-New
Braunfels, Texas
|
-25.8%
|
-1.7%
|
$296,600
|
-3.7%
|
58
|
8
|
Birmingham-Hoover,
Ala.
|
-23.7%
|
-16.4%
|
$260,700
|
4.3%
|
60
|
0
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-22.9%
|
-24.7%
|
$375,000
|
0.5%
|
39
|
-11
|
Oklahoma City,
Okla.
|
-22.7%
|
-12.0%
|
$261,000
|
2.9%
|
44
|
-1
|
Jacksonville,
Fla.
|
-19.4%
|
-6.7%
|
$311,500
|
-3.1%
|
58
|
-5
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
-18.3%
|
-6.6%
|
$365,000
|
-1.3%
|
38
|
1
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
-16.1%
|
-11.7%
|
$375,000
|
1.4%
|
35
|
-1
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
-15.0%
|
-25.6%
|
$316,000
|
5.4%
|
49
|
-2
|
*Some data points for Los
Angeles have been excluded due to data unavailability.
EDITOR'S NOTE: The realtor.com economics team is
continually tracking the impact of the coronavirus pandemic on the
U.S. economy and housing market. The team's reports and analysis
are available here.
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SOURCE realtor.com