{"id":68750,"date":"2020-04-23T12:00:35","date_gmt":"2020-04-23T19:00:35","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=68750"},"modified":"2020-10-07T13:49:36","modified_gmt":"2020-10-07T20:49:36","slug":"housing-market-trends-coronavirus","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-trends-coronavirus\/","title":{"rendered":"Six Charts That Show the Latest Trends in the Housing Market"},"content":{"rendered":"

Home prices are holding up and demand is strengthening, but new listings continue to drop as the coronavirus outbreak takes a toll on the economy, according to the latest market data. Plus, condos are getting hit the hardest.<\/span><\/p>\n

Prices Are Showing Resilience<\/span><\/h2>\n

We reported last week that asking-price growth had stopped falling. Now, it\u2019s actually increasing; the median asking price for listings of new homes was $307,000 for the week ending April 19, up 3% from the same period last year. <\/span>That gain is inflated due to the Easter holiday timing in 2019, but it may come as a surprise to some that prices aren\u2019t down double-digits right now.<\/span>
\n\"\"<\/p>\n

Demand Is Strengthening<\/span><\/h2>\n

Home-buying demand dropped 19% last week from pre-coronavirus levels after falling as much as 34% at the start of April. This is based on a new measure we\u2019re introducing, which compares the daily number of homebuyer inquiries, regardless of whether the homebuyer is served by a Redfin agent or one of our <\/span>partners<\/span><\/a>, to the average daily number of inquiries in January and February, on a seasonally adjusted basis.\"\"<\/span><\/p>\n

Condos Are Taking a Relatively Big Hit<\/span><\/h2>\n

The typical single-family home on the market as of April 18 had been active for five days longer than this time last year, a significant reversal from March, when the typical home had been active for 20 <\/span>fewer<\/span><\/i> days than the prior year. The typical condo on the market as of April 18 had been active for <\/span>eight<\/span><\/i> days longer. Similarly, pending sales were down 56% year-over-year for condos and townhomes last week, a more severe drop than the 46% decline for single-family homes.\"\"<\/span><\/p>\n

Speedy Sales Are on the Decline<\/span><\/h2>\n

The share of homes snatched off the market within two weeks dropped 6% last week from the same period in 2019, following a 4% increase at the beginning of this year. Overall, homes are sitting active on the market four days longer now than they were at this time last year. That\u2019s up from the one-day increase we <\/span>reported<\/span><\/a> last week. \"\" <\/span><\/p>\n

Deals Are Taking Longer to Close<\/span><\/h2>\n

The typical home that sold during the four weeks ending April 13 took 28 days to close\u20141.6 days longer than the same period a year ago. Some deals are being delayed as lenders grapple with an influx of refinance applications, while others are being postponed because borrowers are having trouble getting funding due to stricter lending requirements, Redfin lead economist <\/span>Taylor Marr<\/a> said.<\/span>
\n\"\"<\/span><\/p>\n

New Listings Continue to Tank<\/span><\/h2>\n

There were 48,965 new-home listings last week, down about 50% from a year ago. That marks a significant <\/span>pullback from the 33% decline we <\/span>reported<\/span><\/a> at the beginning of April.<\/span>
\n\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Home prices are holding up and demand is strengthening, but new listings continue to drop as the coronavirus outbreak takes a toll on the economy.<\/p>\n","protected":false},"author":13346,"featured_media":68759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60,8,22],"tags":[9],"coauthors":[],"class_list":["post-68750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","category-market-tracker","tag-coronavirus"],"acf":[],"yoast_head":"\n6 Housing Market Trends as the Coronavirus Impacts the Economy - 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