{"id":69190,"date":"2020-05-21T14:09:43","date_gmt":"2020-05-21T21:09:43","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=69190"},"modified":"2020-10-07T13:49:34","modified_gmt":"2020-10-07T20:49:34","slug":"sellers-continue-jump-back-into-housing-market-demand-recovers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/sellers-continue-jump-back-into-housing-market-demand-recovers\/","title":{"rendered":"The Housing Market\u2019s Road to Recovery in Four Charts"},"content":{"rendered":"

We reported<\/a> today that Redfin\u2019s home-buying demand is nearly 17% higher than it was before the coronavirus pandemic, as states ease stay-at-home restrictions and businesses begin to reopen. <\/span>Below are four charts that highlight other recent developments in the housing market as COVID-19 continues to transform residential real estate.<\/span><\/p>\n

Sellers Continue to Jump Back In<\/span><\/h2>\n

New listings were down just 24% to 77,000 homes during the seven-day period ending May 15, an improvement from the 30% drop we reported last week, and the 50% decline we saw in mid-April.<\/span>
\n\"\"
\n\u201cSome sellers have gotten more comfortable putting their homes on the market and agents have gotten more skilled at showing homes safely while social distancing,\u201d Redfin Chief Growth Officer <\/span>Adam Wiener<\/span><\/a> said in his weekly market update<\/a> Thursday. \u201c<\/span>Other sellers worry that a second wave of the virus may shut down the economy again later this year and want to list now to take advantage of the strong demand<\/span>.\u201d<\/span><\/p>\n

Home Purchases Are Still Down\u2014But They\u2019re Improving<\/span><\/h2>\n

The number of homes under contract to be sold last week fell 29% from the same period in 2019. While that\u2019s an improvement from the 40% decline in pending home sales that we saw in mid-April, it\u2019s still a far cry from normal.<\/span>
\n\"\"<\/p>\n

More Homes Are Getting Snapped Up Quickly<\/span><\/h2>\n

More houses are selling quickly as the lack of supply is fueling <\/span>bidding wars<\/span><\/a>. <\/span>During the seven-day period ending May 15, 45% of homes under contract were on the market for less than two weeks\u2014up from 41.6% the prior week.\u00a0<\/span>
\n\"\"<\/p>\n

Prices Return to Pre-Pandemic Levels<\/span><\/h2>\n

The median listing price was up 6% year over year last week to $319,000. That\u2019s about where prices sat at the end of February, before the coronavirus pandemic became widespread in the U.S.<\/span>
\n\"\"
\n\u201cMany buyers assumed prices would fall as the pandemic set in, but sellers seem to be holding firm,\u201d Wiener said. \u201cThe increase in home prices and stories from our agents suggest that sellers who don\u2019t sell are more likely to take their home off the market and wait rather than accept a lower price.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Four charts that highlight recent developments in the housing market as coronavirus continues to transform residential real estate.<\/p>\n","protected":false},"author":13346,"featured_media":69206,"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-69190","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":"\nSellers Continue to Jump Back into the Housing Market as Demand Recovers - 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