It’s almost a no-brainer that fewer Americans are applying for mortgages or putting their home on the market in this economic landscape. But some of Redfin’s other findings may surprise builders. For instance, homes are spending less—not more—time on the market than last year, and sellers who still have had their homes on the market are not slashing prices quite yet. It is unclear what the long-term effects of COVID-19 will be on the industry, but these six charts by Redfin show how the housing market is faring now.
As the coronavirus continues to impact the U.S. economy and way of life, homes are spending less time on the market and touring activity is slowing, yet so far, sellers aren’t slashing prices, according to recent research from Redfin.
Here are six charts that illustrate the latest developments in the housing market as COVID-19 continues to upend residential real estate.
We recently reported that sellers putting new homes on the market were listing them for less. However, sellers who already have homes on the market are not yet cutting prices. There were price reductions on around 3% of active listings during the week ending April 3, about the same level we saw during the same period one year ago, indicating that many sellers are still holding their ground—for now.