Nearly half of Realtors (48 percent) surveyed by the National Association of Realtors (NAR) said homebuyer interest has decreased due to the coronavirus outbreak.
NAR said that percentage tripled from a week ago when 16 percent of Realtors said homebuyer interest had decreased due to the coronavirus outbreak.
Nearly 70 percent of survey respondents said there’s no change in the number of homes on the market due to the coronavirus outbreak, down from 87 percent a week ago.
“The decline in confidence related to the direction of the economy coupled with the unprecedented measures taken to combat the spread of COVID-19, including major social distancing efforts nationwide, are naturally bringing an abundance of caution among buyers and sellers,” NAR Chief Economist Lawrence Yun said in a release.
“With fewer listings in what’s already a housing shortage environment, home prices are likely to hold steady,” said. “The temporary softening of the real estate market will likely be followed by a strong rebound once the economic ‘quarantine’ is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”
NAR’s survey also found 45 percent of its members said the stock market correction and lower mortgage rates roughly balanced out, noting no significant change in buyer behavior.
Sixty-one percent of respondents reported no change in sellers removing homes from the market, down from 81 percent a week ago; four-in-10 said home sellers have not changed how their home is viewed while it remains on the market.