In the latest sign of a slumping housing market, 90 percent of realtors say buyer interest is declining during the coronavirus pandemic, according to a survey released Thursday by the National Association of Realtors.
The survey also found 59 percent of realtors say buyers are delaying home purchases for a couple of months and 57 percent said sellers are delaying home sales for a couple of months. Eighty percent of members said they have seen a corresponding decline in the number of homes on the market.
“Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year,” said NAR Chief Economist Lawrence Yun said. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”
The Economic Pulse Flash Survey conducted April 5-6 also found:
- 72 percent of realtors surveyed said sellers have not reduced prices to attract buyers.
- 63 percent said buyers are expecting a decline in home prices as buyers sense less competition in the current environment.
- Members said the most common technology tools used to interact with clients are e-signatures, social media, messaging apps and virtual tours.
- 46 percent of property managers reported being able to accommodate tenants who cannot pay rent and 27 percent of individual landlords said the same.
View the full report here.