Home Sales Are On The Rise In The U.S.

Apr 23, 2020

Outside upper floor view of a red house.

Director of Events

Home sales took a drastic plunge due to the COVID-19 pandemic, however, a recent report from Zillow shows signs of life. According to Zillow's economic research, home sales are up 6.2% week-over-week.

Prior to the pandemic, home sales going into March showed signs of a big spring sales boom. Though, that hit a wall as March got underway and low mortgage rates weren't enough to keep prospective buyers interested.

"Nationwide, new listings were up 14% at the beginning of March, but the flow of new listings progressively slowed to a trickle from then until last Friday, April 17, when new listings were down 43.8% year over year," according to Zillow. "But over the weekend of April 18-19, new listings began to trend upward, and were down only 37.7% year-over-year by April 19."

In regards to year-over-year numbers, Pittsburgh, Detroit and New York saw the biggest declines in new listings, according to the report.

According to a Zillow report released April 22, purchase mortgage applications, while still down 35% from a year earlier, are stabilizing, as Americans have come to embrace online home shopping as the new norm.

Click here to learn more about the current projection of home sales.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

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Apr 23, 2020

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