Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

CoronavirusReal Estate

Number of homes taken off market doubles due to coronavirus

More home sellers take their homes off the market as coronavirus hits real estate market

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.

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please