By Lily Katz | Redfin
Some Americans are pulling their homes off the market, while others are waiting longer to list or are lowering their expectations for what their houses can sell for. Meanwhile, video-chat tours are soaring in popularity.
The impacts of the coronavirus pandemic are rippling through to nearly every segment of the economy and the housing market is no exception. The outbreak has driven sudden changes in behavior among homebuyers and sellers in the United States, which now has more reported cases of COVID-19 than any other country in the world.
Here are 11 charts that show how the coronavirus pandemic is changing the housing market.
Home Delistings Are on the Rise
Supply is declining as Americans who had been planning to sell their homes are increasingly taking them off the market amid heightened economic uncertainty and record-high jobless claims. There was a 148% year-over-year increase in delistings during the week ending March 29, 2020, translating to a total of 28,140 homes. During that seven-day period, nearly 4% of homes were removed from the market, about twice the typical rate.
