The first two weeks of March saw an uptick of 5% for new listings, then a drastic 47% decrease by the second week of April, according to realtor.com.
The first half of April saw the slowest asking price growth in seven years with an increase of just under %1.
Housing markets dependent on leisure and hospitality industries will be the hardest hit, including Las Vegas, Miami, and Orlando, Florida. Additionally, Houston may see a sharp decline due to the abundance of energy industry jobs.
Those who need to buy and sell are still doing so, in addition to bargain hunters who are still looking for good deals, virtually. Realtor.com just added a live open house offering where a potential buyer can tour the home virtually with a real estate agent present in the home.
“Uncertainty destroys value,” said Ken Johnson, an economist at Florida Atlantic University. “The more uncertainty there is, the more a potential buyer will discount the value of the home.”