While open houses have gone down and 3D or virtual home tours have gone up, homes that were on the market prior to coronavirus striking the market have fallen off.
In the midst of record-high unemployment claims and economic uncertainty, supply is declining now more than ever, according to a report from Redfin, as homeowners are staying put and retracting listings.
There was a 148% year-over-year increase in homes being delisted during the week ending March 29, coming to a total of 28,140 homes pulled off the market, the report from Redfin said.
During that seven-day period, about 4% of homes were removed from the market, about two times the average amount of homes taken off the market, under normal circumstances.
The number of homes taken off the market varied by region, from 2% to up to 6% of active home listings taken off the market.
For measure, Detroit and Philadelphia saw the biggest drop in home listings, both falling 63% from the same week in 2019, according to Redfin. Alternatively, listings in Denver fell only 1%.
During the week ending March 29, there were 58,366 new home listings, marking a 33% drop from the year prior.
What about homes that remained on the market? They’re just being listed for less.
According to Redfin, the median asking price for newly-listed homes last week was $309,000, which is $21,000 lower than two weeks prior.
Pending home sales also fell 42% from the year prior during the week ending March 29.
Out of the large U.S. markets Redfin analyzes, Dallas saw the biggest decline in pending home sales, at 66%, followed by Atlanta at 57% and Detroit at 55%.
When looking at new-home listings, there were 58,366 new listings during the week ending March 29, but it was still a 33% decline from the year before.
Meanwhile, the demand for virtual home showings keeps rising.