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As the coronavirus and its impact on the industry unfold, RISMedia is providing resources and updates. Look for them on this page, which is regularly updated, and for more in the RISMedia newsletter.

On March 16-17, the National Association of REALTORS® asked members for feedback on the pandemic, including market observations and updates. The results:

  • 48% reported homebuyer interest is lower now as a result of the virus
  • 69% reported no change in the amount of homes on the market as a result of the virus
  • 61% reported no change in the amount of home sellers who took their homes off the market as a result of the virus
  • 45% reported that the coronavirus’ impact on stocks and low mortgage rates “roughly balanced out” in terms of homebuyer interest

By comparison, on March 9-10, in the same survey, 78% reported no change in homebuyer interest, and 87% reported no change in the amount of homes on the market, as a result of the virus.

“The decline in confidence related to the direction of the economy coupled with the unprecedented measures taken to combat the spread of COVID-19, including major social distancing efforts nationwide, are naturally bringing an abundance of caution among buyers and sellers,” according to Lawrence Yun, chief economist at NAR. “With fewer listings in what’s already a housing shortage environment, home prices are likely to hold steady. The temporary softening of the real estate market will likely be followed by a strong rebound once the economic ‘quarantine’ is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”

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Last Updated: March 27, 2020

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