In view of the broad turmoil emanating from the COVID-19 pandemic, the home valuation and fintech company HouseCanary issued a report on housing prices and market fluctuations for the month of March. They gathered data from 41 states having the highest listing and transaction volume in the prior month.
HouseCanary’s real-time information about the housing market is timely to understanding the impact of the COVID-19 regulations. Most notable is the stay at home order disrupting the ability for potential homebuyers to view or close on properties—adding frustration to sellers as well.
Highlights of the report for the single-family detached market are as follows:
- Weekly volume of listings going into contract were down month over month in 38 of the 41 states tracked,
- Weekly contract volume dropped by more than 50% compared to the same period of the prior month for California, Nevada, Delaware, New Jersey, Wisconsin, New York, Michigan and Pennsylvania,
- The median list price decreased month over month in 37 states with Connecticut, Arkansas, New Jersey and New York seeing prices that were 10% lower than the prior period.
“HouseCanary has modeled prices in the single-family residential market since the industry began to recover from the Great Recession,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. “This data shows in real-time the impact that COVID-19 is having on the housing industry as we come into the Spring buying season that is historically the strongest buying season for real estate.”
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