April New Home Sales: A Very Pleasant Surprise
April new home sales were up 0.6% from March, to 623,000 (SAAR), handily beating consensus expectations for a 23% monthly decline.
Market Trends
Coronavirus Not Yet Driving a Surge in Suburban Home Searches
Will a new fear of density in the wake of the coronavirus pandemic cause people to flee cities for the suburbs? So far, Zillow data say “No.”
April Existing Home Sales: It Was Always Going to be Bad
April existing home sales fell 17.8% from March to 4.33 million, according to the National Association of Realtors, the largest monthly decline since 2010.
Coronavirus Drives Biggest Rent Slowdown In At Least Five Years (April 2020 Market Report)
The coronavirus helped slow annual rent growth by half a percentage point in April from March, the largest monthly drop in at least five years.
April Housing Starts: Now What?
April housing starts fell 30.2% from March to 891,000 (SAAR), by far the largest monthly decline on record, according to the U.S. Census Bureau.
Mortgage Rates Fall on Powell’s Gloomy Remarks
After falling this week, mortgage rates are at their lowest levels in the last two weeks and remain near all-time lows.
More Remote Work Opportunities May Make Suburbs More Desirable
75% of Americans working from home because of the coronavirus say they'd continue if possible, and 2/3 would consider moving if given that flexibility.
In Coronavirus’ Wake, Listings of Expensive Homes Fell Farther & Faster than More-Affordable Homes
New listings are down overall. But new listings of the most expensive homes are down 46%, while the least expensive home listings are down only 32%.
Mortgage Rates Remain Near All-Time Lows, but Only for Select Borrowers
Mortgage rates remain near all-time lows, but the lowest rates are only available for well-qualified individuals seeking the most basic loans.
Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year
Transactions will fall up to 60% in the wake of the coronavirus outbreak, rebounding by the end of 2021, according to the most likely scenarios.
