{"id":68862,"date":"2020-04-30T12:58:14","date_gmt":"2020-04-30T19:58:14","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=68862"},"modified":"2022-10-26T13:13:39","modified_gmt":"2022-10-26T20:13:39","slug":"fewer-homes-for-sale-than-buyers-in-april","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/fewer-homes-for-sale-than-buyers-in-april\/","title":{"rendered":"New Listings Lag Home-Buying Demand, Homes for Sale in Redfin Markets at 5-Year Low"},"content":{"rendered":"<h3>Just the Facts: Four Key Housing Market Takeaways for This Week<\/h3>\n<ul>\n<li>Home-buying demand is making a speedy recovery, down only 15% from pre-pandemic levels<\/li>\n<li>Buyers are nervous, but continue to pay up. Prices are up 1% compared to last year and affordable homes are selling like hotcakes<\/li>\n<li>New listings are up from their low point on April 13, but can\u2019t keep up with home-buying demand. There are fewer than 700,000 homes for sale in Redfin markets; a 5-year low<\/li>\n<li>Mortgages rates are low, but credit is still tight. Lenders are demanding big down payments, especially for high-end homes, forcing some buyers to put their purchases on hold<\/li>\n<\/ul>\n<h3>Home-buying demand continues to climb<\/h3>\n<p>Home-buying demand took another step towards recovery, gaining strength for the third week in a row. After plummeting as much as 34% in March, home-buying demand is now down only 15% from pre-coronavirus pandemic levels on a seasonally-adjusted basis for the seven days ended on Sunday, April 26.<br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-68863\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/04\/Adam-Post-4.30-1024x683.jpg\" alt=\"\" width=\"795\" height=\"530\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Adam-Post-4.30-1024x683.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Adam-Post-4.30-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Adam-Post-4.30-768x512.jpg 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Adam-Post-4.30.jpg 1200w\" sizes=\"(max-width: 795px) 100vw, 795px\" \/><\/p>\n<h3>Will the housing recovery survive re-starting the economy?<\/h3>\n<p>While the recovery in home-buying demand is starting to look more and more v-shaped, the question buyers and sellers are asking our agents is what will happen as states begin to lift stay-at-home orders? Will a burst of new inventory from sellers who have been trying to outlast the pandemic lead to lower home prices? Or will sellers stay on the sidelines while buyers, hopped up on ultra-low interest rates, bid up the limited number of homes on the market?<br \/>\nSo far, the reality is a modest increase in new listings and pending sales. In the seven days ended April 24, almost 53,000 new homes hit the market compared to just over 48,000 for the seven days ended April 13; the date new listings hit their lowest level over the past two months. More new listings have been accompanied by more sales, with pending sales up from fewer than 31,000 in the seven days ended April 13 to more than 32,500 for the seven days ended April 24.<br \/>\nDespite the increase in new listings over the past two weeks, there were fewer than 700,000 homes for sale in Redfin markets across the U.S., which is the lowest inventory level we\u2019ve seen anytime in the past five years.<br \/>\nSome of the new inventory hitting the market may be coming from buy-and-hold investors. Since the beginning of the pandemic, we\u2019ve heard stories of Airbnb landlords with sudden unexpected vacancy putting their homes up for sale. This week, we started to hear of more long-term rentals hitting the market. Marshall Carey, a Redfin agent in <a href=\"https:\/\/redfin.com\/city\/12839\/DC\/Washington-DC\">Washington D.C<\/a>., said several clients decided to list because the college students who normally lease their units have headed home early. Across the country in <a href=\"https:\/\/redfin.com\/city\/17887\/WA\/Tacoma\">Tacoma<\/a>, Washington, Redfin agent Amber Allin has clients who are selling several long-term rental properties to free up cash for investments outside of real estate.<\/p>\n<h3>Overall prices are up just a touch, affordable homes are still selling like hotcakes<\/h3>\n<p>Even though some investors may be headed for the exits, home prices have held steady. For the seven days ended April 24, the median listing price was $308,000, up 1% compared to the same period the prior year. Octavia Valencia, a Redfin agent in Atlanta says, \u201cBuyers and sellers are in a deadlock. Buyers are asking \u2018is now the right time,\u2019 and making more conservative offers, but sellers are not willing to come down on price.\u201d Graham Rogers, a Redfin agent in <a href=\"https:\/\/redfin.com\/state\/South-Carolina\">South Carolina<\/a> added, \u201cIn the end, buyers are paying up to hit the seller\u2019s bottom-line number.\u201d<br \/>\nAffordable, single-family homes is the segment of the market where sellers have the biggest advantage. Agents across the country are reporting that these homes often generate bidding wars with prices sometimes escalating tens of thousands of dollars above the asking price.<br \/>\nAt higher price points, homes have to be well-priced and move-in ready. Rogers added, \u201cUnless they\u2019re looking for a fixer, buyers want everything to be done. People aren\u2019t looking to spend an extra ten to fifteen thousand dollars to fix the place up, and now you don\u2019t know when you can get contractors into your home. It\u2019s tough to get bids. It\u2019s tough to get a timeline.\u201d<\/p>\n<h3>Rates are low, but deals are taking longer and some buyers are struggling with lending requirements<\/h3>\n<p>Mortgage rates ticked down this week to about 3.25%. That\u2019s almost 0.5% lower than they were at the beginning of April, and approaching the all-time lows we saw back in early March. Fannie Mae forecast that rates will continue to fall, and could <a href=\"https:\/\/www.fanniemae.com\/resources\/file\/research\/emma\/pdf\/Housing_Forecast_041520.pdf\">dip below 3% for the first time ever in 2021<\/a>.<br \/>\nLower rates are making monthly payments more affordable; the 0.5% decline in rate reduces the monthly payment on a $300,000 home by $65 per month. But it is taking more patience to bring a deal together. Time to close a transaction once the buyer and seller have agreed on price increased \u00a018. That\u2019s up from 27 days in the last week of February before the pandemic started and the longest closing time we\u2019ve seen since July of 2017.<br \/>\nLenders are still overwhelmed by the boom in refinance applications driven by the low rates, and now we\u2019re hearing from our agents that appraisals are taking longer due to coronavirus-related work restrictions. Carlos Barrientos, a Redfin agent in <a href=\"https:\/\/redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a>, reports that appraisers have also gotten <a href=\"https:\/\/redfin.com\/blog\/stricter-mortgage-lending-requirements-impact-homebuyers\/\">more conservative<\/a>. \u201cAppraisers will look at three similar homes and take the lowest of the three rather than taking an average. Even if one home has a great view or something special, they aren\u2019t giving out any extra credit.\u201d When this happens, it kicks off a whole new negotiation between the buyer and seller over how to cover the difference because lenders will only lend up to the appraised value. Barrientos added, \u201cOn top of appraisals, some <a href=\"https:\/\/redfin.com\/blog\/stricter-mortgage-lending-requirements-impact-homebuyers\/\">buyers are struggling with lending requirements<\/a>. They have a 10% down payment, but suddenly the bank requires 20%. Now they have to wait.\u201d<br \/>\nThat\u2019s it for this week. Please stay safe, and if you can, stay home. If you\u2019re out on the front lines, please accept the most sincere thanks from everyone here at Redfin.<br \/>\n<em>Redfin is publishing this housing-market update as a way to inform our customers, not our investors. Even though we\u2019re notifying investors through a government filing about this customer update, we\u2019re not updating, withdrawing, or affirming the first quarter financial guidance we issued on February 12, 2020. Unless otherwise noted, all data in this update is as of April 29, 2020.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adam Wiener, Chief Growth Officer of Redfin, gives his weekly update about the impact of the coronavirus on housing.<\/p>\n","protected":false},"author":13043,"featured_media":71933,"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":[60,8,615],"tags":[9],"coauthors":[128],"class_list":["post-68862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","category-weekly-market-update","tag-coronavirus"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - 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Prior to being appointed President of Real Estate Operations, Adam served as Chief Growth Officer. Adam joined Redfin in 2007 and helped to found the Redfin Partner Program, our title subsidiary, Title Forward, Redfin Mortgage and RedfinNow. Prior to Redfin, Adam worked at Microsoft in the SQL Server Division for five years. 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