Coronavirus Impact: New Listings Fall Sharply as Spring Home Shopping Season is Set to Begin
Zillow Group, Inc. - Class A (ZG)
Last zillow group, inc. - class a earnings: 2/19 04:05 pm
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Source: PR Newswire
SEATTLE, April 9, 2020 /PRNewswire/ -- Early spring is peak home-shopping season in most years, a time when sellers list homes on the market in droves hoping to take advantage of the increased competition from buyers shaking off the winter doldrums. But a new Zillow® analysis shows that new listings dropped significantly this March and early April as the coronavirus pandemic took holdi. As March began, the housing market appeared poised for the most competitive home shopping season in years -- home value growth accelerated in February for the first time in nearly two years, and the number of new listings added to the market on March 1 was 17.3% higher than a year earlier. Little more than a month later, the outlook is much different. New listings across the U.S. have fallen off, down 27.1% year-over-year on April 5. And while new listings typically pick up in late March and early April as home shopping season kicks into gear -- in 2018 and 2019, there was an average of 49.9% more new
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