COVID-19 is Quickly Reducing the Number of Homes Available For Sale in U.S.

Realtor.com, is reporting that the supply of homes for sale has continued to shrink as the market continues to react the COVID-19 pandemic. This according to the report titled ‘The Initial Impact of COVID-19 on the housing market’ authored by Javier Vivas, director of economic research at realtor.com. For the week ending April 5th, the number of new listing dropped 31% year-over-year and that comes on the heels of 34% decline in the previous week. Vivas goes on to say, “Housing supply took the quickest hit.” The number of new listings has rapidly decreased as sellers are reevaluating or postponing their listings, given the restrictions of physical activities due to Covid-19.”