Where Does the Housing Market Stand in Current Market Conditions?
Though buyer demand seems to be returning, the housing market is still not out of the woods. A whopping 85 percent of realtors have seen a decline in homebuyer interest, according to a National Association of Realtors survey polling 2,500 real estate professionals from April 26-27. Another 60 percent of realtors say that sellers are waiting for a better time to put their home on the market—or back on, if they took properties off the market in response to the worsening conditions. Still, this survey marks an improvement in realtor sentiment from the prior week. From here, experts say that sales may pick up the pace, but the process will look different and prices may be lower.
As the COVID-19 health crisis continues to ravage the world, along with the global economy, it's not surprising that it's also sidelining prospective home buyers and sellers.
About 85% of residential Realtors® reported seeing a decline in home buyer interest, according to the National Association of Realtors® Flash Survey: Economic Pulse. About 2,500 real estate professionals participated in the survey, which was conducted April 26–27. Thirty-five percent of Realtors saw buyer interest fall by half—or even more.
"It's obvious that the housing market is still struggling in this crisis," says realtor.com® Senior Economist George Ratiu.