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.