Number Of New Listings Shows Improvement
Sellers Pessimistic About Conditions
Naturally, the coronavirus and efforts to slow its spread have affected the housing market. Early on, surveys showed home sellers were more pessimistic about conditions than buyers were.
As a result, the number of homes for sale took a hit, as homeowners who had planned to sell this spring delayed their plans and took a wait-and-see attitude. But new data from the National Association of Realtors' consumer website shows that the number of new listings is starting to improve.
While still far below last year's levels, the volume of newly listed properties has gone from being down 43 percent at the end of April to being 29 percent below year-before levels as of last week.
Improvement Offers Hope
At this point, more than two thirds of large metropolitan areas have improved. That improvement offers hope that more gains could be on the horizon.
Danielle Hale, chief economist for the site, says it's a positive sign, though there's still a long way to go. “While new listings are still declining on a yearly basis, last week's jump shows some sellers are ready for a summer home sale – a positive sign for the market,” Hale said.
“But despite this uptick, time on market continues to increase and there's a long road ahead to getting back to last year's pace of new sellers.”