{"id":68868,"date":"2020-04-30T15:38:01","date_gmt":"2020-04-30T22:38:01","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=68868"},"modified":"2020-10-07T13:49:36","modified_gmt":"2020-10-07T20:49:36","slug":"charting-coronavirus-housing-market-trends","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/charting-coronavirus-housing-market-trends\/","title":{"rendered":"Charting the Trends in the Current Housing Market\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In our weekly market update, Redfin reported <\/span><a href=\"https:\/\/redfin.com\/blog\/fewer-homes-for-sale-than-buyers-in-april\/\"><span style=\"font-weight: 400;\">home-buying demand continued to recover<\/span><\/a><span style=\"font-weight: 400;\"> last week, as states began making plans to begin to reopen businesses. <\/span><span style=\"font-weight: 400;\">Here are five additional charts that illustrate the latest developments in the housing market as the world continues to grapple with the coronavirus pandemic. Additional charts and local data are available for download in the <\/span><a href=\"https:\/\/redfin.com\/blog\/data-center\/\"><span style=\"font-weight: 400;\">Redfin Data Center<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h3><b>Sellers Continue to Hold Off on Listing<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">There were almost 53,000 new-home listings last week, down about 40% from a year ago. That\u2019s an improvement from the 50% decline we reported last week. The improvement may be partly due to the Easter holiday falling around this time last year. Looking over the past four weeks, new listings are down 45%, with just 210,000 new homes put on the market. The five preceding years averaged 378,000 new listings during the same period.<\/span><br \/>\n<img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-large wp-image-68874\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/04\/Weekly-New-Listings-2-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Weekly-New-Listings-2-1024x683.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Weekly-New-Listings-2-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Weekly-New-Listings-2-768x512.jpg 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Weekly-New-Listings-2.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><br \/>\n<span style=\"font-weight: 400;\">This decline in new listings has contributed to a 22% decline in home supply compared to last year.\u00a0<\/span><\/p>\n<h3><img decoding=\"async\" class=\"aligncenter size-large wp-image-68875\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/04\/Active-Listings-Growth-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Active-Listings-Growth-1024x683.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Active-Listings-Growth-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Active-Listings-Growth-768x512.jpg 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Active-Listings-Growth.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/h3>\n<h3><b>Price Growth is Now Nearly Flat <\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Last week the median listing price was $308,000, up just 1% compared to the same period the prior year. The week prior, we reported that asking-price growth had stopped its rapid descent and reversed course, increasing 3% year over year.\u00a0 Redfin lead economist Taylor Marr says, \u201cAsking prices may be settling into a flat trend line for now. The primary reason for the shift over the past month though hasn\u2019t been an increase in sellers listing below their Redfin estimate, but instead fewer higher-end properties coming to the market\u2014bringing down the average.\u201d\u00a0<\/span><br \/>\n<img decoding=\"async\" class=\"aligncenter size-large wp-image-68873\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/04\/New-List-Price-Growth-1-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/New-List-Price-Growth-1-1024x683.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/New-List-Price-Growth-1-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/New-List-Price-Growth-1-768x512.jpg 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/New-List-Price-Growth-1.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><br \/>\n<span style=\"font-weight: 400;\">While Redfin agents are still seeing bidding wars, competition has slowed, giving some buyers a chance to negotiate a better price. In the previously red-hot sellers\u2019 market of Seattle, Redfin agent David Palmer says buyers are now able to be a little more aggressive. \u201cThere\u2019s fear on both sides. We have a bunch of buyers who want $40,000 price reductions or credit that really should have been $15,000 to $20,000. We\u2019re calling it the \u2018coronavirus credit\u2019. I\u2019d say it is getting a little closer to a level playing field, but sellers know that inventory is low and they\u2019re trying to stick to their guns.\u201d<\/span><\/p>\n<h3><b>Sellers Aren\u2019t Dropping Prices<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While sellers may be more willing to negotiate, they aren\u2019t dropping their prices. Just 3% of homes on the market had a price drop last week, which is the same as last year and below the average in January and February of 4%.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cSellers are opting to delist and wait for a more favorable market rather than take a haircut on the price,\u201d says Marr. Sellers who do reduce the price are dropping it by an average of just 1.6% compared to 3.3% last year. \u201cThis may be a sign that sellers are using a price drop as a strategy to drum up new interest in the home. They worry buyers overlooked their home in the early coronavirus panic and know that a price drop triggers a notification to be sent to buyers who have a saved search.\u201d\u00a0<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-68871\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/04\/Price-Drops-1-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Price-Drops-1-1024x683.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Price-Drops-1-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Price-Drops-1-768x512.jpg 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Price-Drops-1.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><strong>Sellers Continue to Pull Homes Off the Market<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">In the four weeks ended April 24, 8% of active listings were pulled from the market. While we appear to be past the peak of delistings, sellers are still removing their homes from the market at a significantly higher rate than they were at this time last year. During the week ended April 24, delistings rose 56% year over year to 15,900 homes, down from the peak of over 100% during the final week of March.<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-68869\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2020\/04\/percent_active_listings_delisted-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/percent_active_listings_delisted-1024x683.jpg 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/percent_active_listings_delisted-300x200.jpg 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/percent_active_listings_delisted-768x512.jpg 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/percent_active_listings_delisted.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the past four weeks, new home listings are down 45%.  This decline in new listings has contributed to a 22% decline in home supply compared to last year. <\/p>\n","protected":false},"author":13060,"featured_media":68875,"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],"dashboard":[],"coauthors":[],"class_list":["post-68868","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Charting the Trends in the Current Housing Market\u00a0 - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Over the past four weeks, new home listings are down 45%. This decline in new listings has contributed to a 22% decline in home supply compared to last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/charting-coronavirus-housing-market-trends\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charting the Trends in the Current Housing Market\u00a0\" \/>\n<meta property=\"og:description\" content=\"Over the past four weeks, new home listings are down 45%. This decline in new listings has contributed to a 22% decline in home supply compared to last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/charting-coronavirus-housing-market-trends\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-30T22:38:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-07T20:49:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/04\/Active-Listings-Growth.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alina Ptaszynski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alina Ptaszynski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/\"},\"author\":{\"name\":\"Alina Ptaszynski\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/81136ccaa39c3f022b464304b5ac450b\"},\"headline\":\"Charting the Trends in the Current Housing Market\u00a0\",\"datePublished\":\"2020-04-30T22:38:01+00:00\",\"dateModified\":\"2020-10-07T20:49:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/\"},\"wordCount\":584,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/Active-Listings-Growth.jpg\",\"keywords\":[\"Coronavirus\"],\"articleSection\":[\"Coronavirus Housing Market News\",\"Housing Market News\",\"Monthly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/\",\"name\":\"Charting the Trends in the Current Housing Market\u00a0 - Redfin Real Estate News\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/charting-coronavirus-housing-market-trends\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/Active-Listings-Growth.jpg\",\"datePublished\":\"2020-04-30T22:38:01+00:00\",\"dateModified\":\"2020-10-07T20:49:36+00:00\",\"description\":\"Over the past four weeks, new home listings are down 45%. 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