Despite stricter buying conditions and new unemployment claims, a recent Redfin report
suggests that homebuying demand, has but has increased every week since the start of April.
"With inventory down so much, prices have been remarkably resilient. Median listing prices for the seven days ended April 19 were $307,000, up 3% compared to the same time last year." according to Redfin
Redfin reported that the lack of homes on the market is driving down sales, in addition to stricter lending standards that have been implemented from the start of the COVID-19 pandemic. The company reported that the lack of homes in areas like Madison, Wis.; Maryland; and Los Angeles have incited bidding wars. Lindsay Katz, a Redfin agent in Los Angeles, tried to make an appointment to view a new listing in northwest LA. She would later receive an e-mail from the listing agent saying it's "first-come, first-served."
"It was crazy. The e-mail just said 'We're like Trader Joe's now. There are tape markers 10-feet apart on the sidewalk and there may be waiting times to get in. Bring your own mask and gloves,'" according to the report
This is good news for home prices as a whole, as they have been weathering the storm. Redfin reported that median listing prices for seven days ending April 19 were up 3% compared to a year ago.
Click here to read the full Redfin report.