April is usually one of the busiest months for the housing market, as the spring home-buying season is well underway. Not this year. The novel coronavirus has dealt the real estate market a series of blows, starting with sidelining both buyers and sellers and worsening the already severe housing shortage.
The number of homes that went on the market plummeted in April compared with the previous year. New listings were down 44.1% nationally, according to realtor.com®’s Monthly Housing Trends Report. That affected the overall number of homes for sale, which was down by about 189,000 listings, representing about a 15.3% drop in housing inventory in April compared with the prior year.
“The good momentum we saw at the start of the year has helped to somewhat insulate the housing market from the coronavirus’ negative impact on buyer and seller confidence,” realtor.com Chief Economist Danielle Hale said in a statement. “Although