SANTA CLARA, Calif.,
April 2, 2020 /PRNewswire/
-- The U.S. housing market began to show signs of slowing in
the second half of March as the year-over-year decline in inventory
softened, the number of newly listed properties declined and prices
decelerated compared to earlier in the month, according to
realtor.com®'s March Housing Trends Report released
today. The monthly report provides the first data-based glimpse
into the impact the COVID-19 pandemic could have on residential
real estate as the market enters the spring home-buying season.
Due to the strong start to the month, the total number of homes
for sale in March overall declined 15.7 percent from the same time
a year ago, a faster rate of decline compared to the 15.3 percent
drop in February. This amounts to 191,000 fewer homes for sale
year-over-year. The impact of COVID-19 materialized in the latter
half of March. While the last full week of February showed
inventory declining by 16.8 percent -- the largest year-over-year
decrease since April 2015, the weeks
ending March 21 and 28, respectively,
declined at a slower pace of 15.2 percent each on a year-over-year
basis.
"Our inventory and listing data can provide some early insight
into how housing markets may be impacted by COVID-19, but the
situation and reactions to it are still rapidly evolving," said
realtor.com® Chief Economist Danielle Hale. "The U.S. housing market had a
good start to the year. Despite still-limited homes for sale,
buyers were buying and builders were building. The pandemic
and virus-fighting measures appear to be disrupting that initial
momentum as both buyers and sellers adopt a more cautious
posture."
Although there is not enough movement in weekly data to provide
insight into shifts in days on market, the progression of weekly
data hints that sellers may be rethinking or postponing their plans
to list their home for sale in response to COVID-19. In the weeks
ending March 21 and March 28, the volume of newly listed properties
decreased by 13.1 percent and 34.0 percent, respectively
compared to the prior year. This is in line with recent surveys of
agents and consumers that report declining interest among potential
homebuyers and homesellers.
While far from foreshadowing price declines, price growth
decelerated during the weeks ending March
21 and March 28 as compared to
earlier in the first two weeks of the month. During the last two
weeks of March, the median U.S. listing price increased by 3.3
percent and 2.5 percent year-over-year respectively, the
slowest pace of growth this year, and the slowest since realtor.com
began tracking in 2013.
March Housing Trends
Inventory declines continued to impact the housing market in
March. The metros which saw the largest declines in inventory were
Phoenix-Mesa-Scottsdale,
Ariz. (-42.2 percent); Milwaukee-Waukesha-West Allis,
Wis. (-36.2 percent); and San
Diego-Carlsbad, Calif.
(-33.4%). Only Minneapolis-St.
Paul-Bloomington,
Minn.-Wis. (+3.6 percent) saw inventory increase over the
year.
Consistent with the first two months of 2020, March saw homes
selling more quickly than last year as an early home buying season
began in the U.S. The typical home sold in 60 days, four days
faster than last year. Properties in Miami-Fort
Lauderdale-West Palm Beach,
Fla.; Pittsburgh and
St. Louis, Mo.-Ill.; spent the
most time on the market, selling in 86, 78 and 65 days,
respectively. Meanwhile, properties in San Jose-Sunnyvale-Santa
Clara, Calif.; Denver-Aurora-Lakewood,
Colo.; and Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va., sold most
quickly, spending 24, 26 and 29 days on the market,
respectively.
Listing prices grew at a slightly decelerating pace of 3.8
percent compared to February's 3.9 percent. Of the 50 largest
metros, 45 continued to see year-over-year gains in median listing
prices. Pittsburgh (+17.9
percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+14.0 percent);
and Memphis, Tenn.-Miss.-Ark.
(+12.7 percent) posted the highest year-over-year median list price
growth in March. The steepest price declines were seen in
Dallas-Fort Worth-Arlington, Texas (-2.7 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-1.4 percent); ; and
Houston-The Woodlands-Sugarland,
Texas (-1.4 percent).
Metros With
Largest Inventory Declines
|
Metro
|
Active
Listing
Count
YoY
|
Median
Listing Price
|
Median
Listing
Price
YoY
|
Median
Days
on
Market
|
Price
Reduced
Share
|
Phoenix-Mesa-Scottsdale, Ariz.
|
-42.2%
|
$405,000
|
12.0%
|
43
|
24.6%
|
Milwaukee-Waukesha-West Allis, Wis.
|
-36.2%
|
$327,500
|
2.0%
|
44
|
14.4%
|
San Diego-Carlsbad,
Calif.
|
-33.4%
|
$749,950
|
9.6%
|
36
|
14.0%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
-31.4%
|
$1,230,994
|
12.0%
|
24
|
8.1%
|
Philadelphia-Camden-Wilmington, Pa.-
N.J.-Del.-Md.
|
-30.7%
|
$300,000
|
14.0%
|
49
|
16.7%
|
Cincinnati,
Ohio-Ky.-Ind.
|
-30.4%
|
$299,950
|
12.6%
|
48
|
15.3%
|
Denver-Aurora-Lakewood, Colo.
|
-30.0%
|
$560,045
|
9.4%
|
26
|
15.9%
|
Riverside-San
Bernardino-Ontario, Calif.
|
-27.6%
|
$424,550
|
4.9%
|
51
|
16.7%
|
Providence-Warwick,
R.I.-Mass.
|
-27.2%
|
$399,950
|
8.9%
|
50
|
11.0%
|
Seattle-Tacoma-Bellevue, Wash.
|
-27.1%
|
$615,025
|
0.7%
|
30
|
8.1%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
-26.7%
|
$350,000
|
3.0%
|
44
|
19.4%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
-26.3%
|
$480,000
|
0.3%
|
41
|
24.6%
|
Kansas City,
Mo.-Kan.
|
-24.6%
|
$340,000
|
7.1%
|
63
|
16.4%
|
Washington-Arlington-Alexandria, DC-Va.-
Md.-W. Va.
|
-24.4%
|
$505,000
|
9.0%
|
29
|
13.6%
|
Nashville-Davidson--Murfreesboro--
Franklin, Tenn.
|
-24.2%
|
$378,988
|
4.2%
|
35
|
14.5%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
-23.0%
|
$960,045
|
N/A
|
52
|
11.5%
|
Baltimore-Columbia-Towson, Md.
|
-22.7%
|
$328,495
|
4.3%
|
43
|
18.3%
|
Virginia
Beach-Norfolk-Newport News,
Va.-N.C.
|
-22.5%
|
$315,050
|
7.7%
|
46
|
12.0%
|
Cleveland-Elyria,
Ohio
|
-22.2%
|
$202,450
|
3.4%
|
60
|
16.9%
|
Rochester,
N.Y.
|
-22.1%
|
$235,645
|
9.0%
|
37
|
10.4%
|
Memphis,
Tenn.-Miss.-Ark.
|
-21.7%
|
$243,500
|
12.7%
|
60
|
15.8%
|
Austin-Round Rock,
Texas
|
-20.7%
|
$372,000
|
3.3%
|
44
|
16.5%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
-20.4%
|
$282,050
|
3.1%
|
52
|
26.2%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
-19.8%
|
$507,159
|
6.9%
|
35
|
15.4%
|
Las
Vegas-Henderson-Paradise, Nev.
|
-19.7%
|
$335,050
|
7.0%
|
39
|
17.4%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
-19.2%
|
$202,550
|
2.6%
|
58
|
12.0%
|
San
Francisco-Oakland-Hayward, Calif.
|
-19.0%
|
$960,000
|
6.0%
|
30
|
9.2%
|
Indianapolis-Carmel-Anderson, Ind.
|
-19.0%
|
$280,000
|
2.4%
|
54
|
21.1%
|
Birmingham-Hoover,
Ala.
|
-18.5%
|
$259,950
|
7.3%
|
57
|
14.8%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
-18.2%
|
$630,050
|
9.6%
|
32
|
11.5%
|
Oklahoma City,
Okla.
|
-17.7%
|
$264,400
|
7.9%
|
43
|
17.6%
|
Louisville/Jefferson
County, Ky.-Ind.
|
-17.4%
|
$272,495
|
0.0%
|
51
|
17.6%
|
Orlando-Kissimmee-Sanford, Fla.
|
-17.4%
|
$322,805
|
5.4%
|
56
|
20.2%
|
Columbus,
Ohio
|
-17.1%
|
$307,244
|
9.3%
|
40
|
17.4%
|
Pittsburgh,
Pa.
|
-17.0%
|
$215,000
|
17.9%
|
78
|
16.4%
|
St. Louis,
Mo.-Ill.
|
-16.9%
|
$230,000
|
3.4%
|
65
|
15.7%
|
Hartford-West
Hartford-East Hartford,
Conn.
|
-16.0%
|
$284,500
|
5.4%
|
51
|
12.2%
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
-15.4%
|
$328,840
|
1.6%
|
49
|
16.8%
|
Raleigh,
N.C.
|
-14.2%
|
$375,045
|
3.8%
|
50
|
18.8%
|
Richmond,
Va.
|
-13.7%
|
$333,300
|
2.5%
|
47
|
15.1%
|
Jacksonville,
Fla.
|
-13.4%
|
$320,045
|
1.7%
|
58
|
20.7%
|
Miami-Fort
Lauderdale-West Palm Beach,
Fla.
|
-11.9%
|
$407,802
|
2.6%
|
86
|
15.2%
|
Detroit-Warren-Dearborn, Mich
|
-11.3%
|
$239,950
|
1.2%
|
48
|
16.8%
|
New
York-Newark-Jersey City, N.Y.-N.J.-
Pa.
|
-10.7%
|
$569,050
|
4.8%
|
57
|
10.7%
|
New Orleans-Metairie,
La.
|
-9.8%
|
$289,050
|
0.9%
|
61
|
16.6%
|
Dallas-Fort
Worth-Arlington, Texas
|
-9.6%
|
$342,545
|
-2.7%
|
45
|
21.8%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
-8.1%
|
$328,500
|
0.7%
|
43
|
17.2%
|
Houston-The
Woodlands-Sugar Land,
Texas
|
-4.8%
|
$313,045
|
-1.4%
|
51
|
20.7%
|
San Antonio-New
Braunfels, Texas
|
-2.3%
|
$297,495
|
-0.5%
|
59
|
19.0%
|
Minneapolis-St.
Paul-Bloomington, Minn.-
Wis.
|
3.6%
|
$373,520
|
-1.4%
|
35
|
11.9%
|
*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.
About realtor.com®
Realtor.com®
makes buying, selling and living in homes easier and more rewarding
for everyone. Realtor.com® pioneered the world of
digital real estate 20 years ago, and today through its website and
mobile apps is a trusted source for the information, tools and
professional expertise that help people move confidently through
every step of their home journey. Using proprietary data science
and machine learning
technology, realtor.com® pairs buyers and
sellers with local agents in their market, helping take the
guesswork out of buying and selling a home. For
professionals, realtor.com® is a trusted
provider of consumer connections and branding solutions that help
them succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. under a perpetual license from the National
Association of REALTORS®. For more information,
visit realtor.com®.
Media Contacts:
-
Cody Horvat,
cody.horvat@move.com
- Lexie
Holbert, lexie.puckett@move.com
View original
content:http://www.prnewswire.com/news-releases/march-housing-trends-provide-first-glimpse-of-covid-19-impact-on-us-housing-market-301033990.html
SOURCE realtor.com