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Market Data
Wednesday, April 15, 2020

New home listings across the U.S. declined 27.1 percent year-over-year on April 5, according to an analysis by Zillow.

The real estate brokerage said new listings in the U.S. have fallen 19 percent since the beginning of March. In 2018 and 2019, Zillow said there was an average of 49.9 percent more new listings coming onto the market nationwide on April 5 compared to March 1.

“It is clear that many would-be home sellers are adopting a wait-and-see approach as uncertainty continues to rule,” Zillow Senior Principal Economist Skylar Olsen said in a statement. “Our understanding of U.S. economic conditions is changing weekly, if not daily, and early unemployment figures are striking, so it’s understandable that some are hesitant to put their home on the market.

“It is possible that this year’s busy home shopping season is pushed into winter as some opt to hang back but activity continues from those who need to buy or sell for a job move or another major life event,” Olsen said. “What’s not likely is that the bulk of potential home sellers and buyers simply throw up their hands and pull back from the market entirely.”

Zillow said total inventory has grown 2.5 percent since March 1, which indicates homes have been sitting on the market for longer while buyers have pulled back. In the Seattle metropolitan area total inventory is up 37.7 percent.

Zillow said greatest slowdowns in new listings since March 1 were in Detroit (down 61.8 percent); Pittsburgh (down 55.5 percent); and New York (down 49.1 percent).

New listings were up or flat in 12 of the 35 largest U.S. metropolitan areas, led by Phoenix (up 18.3 percent); Atlanta (up 15.6 percent); Sacramento (up 13.7 percent); and Minneapolis-St. Paul (up 13.7 percent).

New home listings across the U.S. declined 27.1 percent year-over-year on April 5, according to an analysis by Zillow.

The real estate brokerage said new listings in the U.S. have fallen 19 percent since the beginning of March. In 2018 and 2019, Zillow said there was an average of 49.9 percent more new listings coming onto the market nationwide on April 5 compared to March 1.

“It is clear that many would-be home sellers are adopting a wait-and-see approach as uncertainty continues to rule,” Zillow Senior Principal Economist Skylar Olsen said in a statement. “Our understanding of U.S. economic conditions is changing weekly, if not daily, and early unemployment figures are striking, so it’s understandable that some are hesitant to put their home on the market.

“It is possible that this year’s busy home shopping season is pushed into winter as some opt to hang back but activity continues from those who need to buy or sell for a job move or another major life event,” Olsen said. “What’s not likely is that the bulk of potential home sellers and buyers simply throw up their hands and pull back from the market entirely.”

Zillow said total inventory has grown 2.5 percent since March 1, which indicates homes have been sitting on the market for longer while buyers have pulled back. In the Seattle metropolitan area total inventory is up 37.7 percent.

Zillow said greatest slowdowns in new listings since March 1 were in Detroit (down 61.8 percent); Pittsburgh (down 55.5 percent); and New York (down 49.1 percent).

New listings were up or flat in 12 of the 35 largest U.S. metropolitan areas, led by Phoenix (up 18.3 percent); Atlanta (up 15.6 percent); Sacramento (up 13.7 percent); and Minneapolis-St. Paul (up 13.7 percent).

Click on the link below to read the complete article online @ thetitlereport.com

https://www.thetitlereport.com/Articles/New-listings-fall-78967.aspx