The number of homes for sale in April was down 24% from the same time last year and new listings were down 42%. Home sales fell 23% from March to April, making it the largest decline since January 2002.
Redfin predicts that home prices will rise in affordable housing markets, which could make homeownership even more difficult for those who have been financially affected by the coronavirus pandemic.
“Meanwhile, the share of homes that sold above list price increased 3.6 percentage points year over year, to 27.7% in April compared to 24.1% in 2019.”