While some states begin to reopen, others are tightly shuttered, causing inconsistency in the housing market across the country and making predictions about its comeback even more difficult.
While buyers seem to be cautiously reengaging quicker than sellers, here are some additional stats to keep an eye on to help determine where the housing market is headed.
Supply of New Listings
Sellers quickly pulled their homes off the market two months ago when the pandemic hit, creating a shortage of properties for sale. While for sale listings are still lower than typical, experts are starting to see a slight comeback.
Demand for Homes
Buyer demand has already rebounded, passing its pre-coronavirus level.
Time On Market
Although there are a lot of buyers looking, they are not necessarily buying. Many are waiting to see if prices fall further before making a purchase.
Home Prices
Although buyers may be expecting or hoping for home prices to drop, they are remaining steady.
Unemployment Rates And Jobless Claims
Both are at record highs, but have not yet had a major impact on the real estate market.
“If more Americans continue to lose their jobs or be furloughed, real estate dynamics would shift.”