May 29, 2020, WALTHAM, Mass.
Last month, we reported on what we speculated were the first signs of the impact a global pandemic would have on national housing markets. This month, it is evident that COVID-19 has influenced market trends in more ways than one.
First, every CBSA in our Top 10 Hottest Housing Markets is experiencing a 40 – 60% drop in active listings compared to the same time last year. While spring markets are traditionally very active, this year’s decrease in inventory coupled with a large spike in unemployment has significantly decreased buying and selling. However, it is not all doom and gloom.
“Homeowner equity as a share of total home values is at its highest level since 2002,” said Tom O’Grady, CEO of Pro Teck Valuation Intelligence. “Following the 2008 housing crisis many protocols were put in place to protect homeowners, which has resulted in more Americans having equity in their homes. This equity which was missing in 2008 should help more homeowners weather the current crisis.”
Click here to read the entire report, including data and graphs that further highlight market trends discussed in this release.
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