The juggernaut that has become the U.S. housing market finally paused to take a breath last week. But even with buyers and sellers taking a step back temporarily, the industry remained hot.
During the week ending Nov. 7, both buyers and sellers averted their attention from relocations and instead focused on current events, according to Thursday’s report from realtor.com.
“Between the presidential election [on Nov. 3] and a new wave of coronavirus cases, buyers and sellers had a lot of reasons to pause last week,” Danielle Hale, realtor.com’s chief economist, said in the report.
Sellers avoided putting their homes on the market, with the number of new listings last week dropping from an already low point, the report said.
New listings were down 12% annually during the week ending Nov. 7, worse than the prior week’s decrease of 9% and a significant fall from the week ending Oct. 24, when