March Housing Trends Provide First Glimpse of COVID-19 Impact on U.S. Housing Market
News Corporation - Class A (NWSA)
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Source: PR Newswire
SANTA CLARA, Calif., April 2, 2020 /PRNewswire/ -- The U.S. housing market began to show signs of slowing in the second half of March as the year-over-year decline in inventory softened, the number of newly listed properties declined and prices decelerated compared to earlier in the month, according to realtor.com®'s March Housing Trends Report released today. The monthly report provides the first data-based glimpse into the impact the COVID-19 pandemic could have on residential real estate as the market enters the spring home-buying season.Due to the strong start to the month, the total number of homes for sale in March overall declined 15.7 percent from the same time a year ago, a faster rate of decline compared to the 15.3 percent drop in February. This amounts to 191,000 fewer homes for sale year-over-year. The impact of COVID-19 materialized in the latter half of March. While the last full week of February showed inventory declining by 16.8 percent -- the largest year-over-year d
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