Frozen Spring Season Shows Signs of Life Despite Major Setbacks
This spring buying season will never be as robust as the housing industry had hoped going into 2020, but Zillow’s latest housing metrics show possible small signs of increasing activity. Though new listings plummeted by nearly 40 percent year-over-year in mid-April, they have slowed down their descent and are trending upwards, according to Zillow. It is too early to tell if this trend is a sign of recovery, but the numbers do spark hope that the housing market will bounce back once the economy stabilizes.
The housing market roared into March like a lion but bleated out like a lamb as sellers and buyers retreated from the housing market in the wake of coronavirus-driven uncertainty and social pullbacks. But early indications hint at some green shoots emerging in April.
This month, Zillow is releasing three newly compiled housing metrics to provide a higher-frequency, more-responsive look at the rapidly changing housing market:
Daily new active listings: A tally of newly listed homes flowing into the overall pool of active inventory
Daily new pending listings: The number of listings on Zillow that switch from active to pending status each day
Daily median list price: The median asking price of homes listed for sale on Zillow.