Tuesday, April 14, 2020

The Sharp Decline in Housing Activity

by Calculated Risk on 4/14/2020 05:33:00 PM

Housing economist Tom Lawler has send me some housing data from a few areas:

The data reflect newly ratified contracts in the week ending 4/11/2020 compared to the comparable week of a year ago.

Northern Virginia, down 35%
Loudoun County, down 37%
Prince William Count down 43%
Prince George's County down 44%
Montgomery County down 44%
DC down 58%.

From the Long Island Business News: Long Island home sales down nearly 67%

The Long Island housing market, which began to feel the impacts of the COVID-19 pandemic towards the end of March, has seen a dramatic drop in sales and listings in the first half of April.

There were just 491 homes contracted for sale in Nassau and Suffolk counties in the first two weeks of April, down nearly 67 percent from the 1,471 homes contracted for sale in the same period a year ago, according to numbers from OneKey MLS.
From Chicago Now: Coronavirus Impact On Chicago Real Estate Market: Week 5
The Chicago Association of Realtors released their updated numbers for the week ending April 4 yesterday morning and it continues to show a pretty bleak picture.

Single family home activity fell from 318 last year to 172 this year. That's a 46% drop.

Condo and townhome activity fell from 517 to 195 which is a 62% drop. Wow!

Last year there were 528 new single family home listings compared to only 255 this year. That's a 52% drop.

Last year there were 971 new condo townhome listings vs. only 352 this year. That's a 64% drop. Ouch!
CR Note: It looks like both sales and new inventory will decline sharply in April.