March Housing Trends Provide First Glimpse of COVID-19 Impact on U.S. Housing Market

– Signs of softening price growth and slower buyer activity began to emerge in last two weeks of March despite an overall decrease in inventory, higher listing prices and fewer days on market

– Nationally, the number of homes for sale declined 15.7 percent year-over-year

– National median listing price grew 3.8 percent to $320,000

– Homes sold in a median of 60 days across the U.S., four days faster than a year ago

– Weekly data showed inventory declines hitting a low and softening; listing prices growing at slowest pace this year

Santa Clara, CA – April 2, 2020 (PRNewswire) The U.S. housing market began to show signs of slowing in the second half of March as the year-over-year decline in inventory softened, the number of newly listed properties declined and prices decelerated compared to earlier in the month, according to realtor.com®‘s March Housing Trends Report released today. The monthly report provides the first data-based glimpse into the impact the COVID-19 pandemic could have on residential real estate as the market enters the spring home-buying season.

Due to the strong start to the month, the total number of homes for sale in March overall declined 15.7 percent from the same time a year ago, a faster rate of decline compared to the 15.3 percent drop in February. This amounts to 191,000 fewer homes for sale year-over-year. The impact of COVID-19 materialized in the latter half of March. While the last full week of February showed inventory declining by 16.8 percent — the largest year-over-year decrease since April 2015, the weeks ending March 21 and 28, respectively, declined at a slower pace of 15.2 percent each on a year-over-year basis.

“Our inventory and listing data can provide some early insight into how housing markets may be impacted by COVID-19, but the situation and reactions to it are still rapidly evolving,” said realtor.com® Chief Economist Danielle Hale. “The U.S. housing market had a good start to the year. Despite still-limited homes for sale, buyers were buying and builders were building. The pandemic and virus-fighting measures appear to be disrupting that initial momentum as both buyers and sellers adopt a more cautious posture.”

Although there is not enough movement in weekly data to provide insight into shifts in days on market, the progression of weekly data hints that sellers may be rethinking or postponing their plans to list their home for sale in response to COVID-19. In the weeks ending March 21 and March 28, the volume of newly listed properties decreased by 13.1 percent and 34.0 percent, respectively compared to the prior year. This is in line with recent surveys of agents and consumers that report declining interest among potential homebuyers and homesellers.

While far from foreshadowing price declines, price growth decelerated during the weeks ending March 21 and March 28 as compared to earlier in the first two weeks of the month. During the last two weeks of March, the median U.S. listing price increased by 3.3 percent and 2.5 percent year-over-year respectively, the slowest pace of growth this year, and the slowest since realtor.com began tracking in 2013.

March Housing Trends

Inventory declines continued to impact the housing market in March. The metros which saw the largest declines in inventory were Phoenix-Mesa-Scottsdale, Ariz. (-42.2 percent); Milwaukee-Waukesha-West Allis, Wis. (-36.2 percent); and San Diego-Carlsbad, Calif. (-33.4%). Only Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+3.6 percent) saw inventory increase over the year.

Consistent with the first two months of 2020, March saw homes selling more quickly than last year as an early home buying season began in the U.S. The typical home sold in 60 days, four days faster than last year. Properties in Miami-Fort Lauderdale-West Palm Beach, Fla.; Pittsburgh and St. Louis, Mo.-Ill.; spent the most time on the market, selling in 86, 78 and 65 days, respectively. Meanwhile, properties in San Jose-Sunnyvale-Santa Clara, Calif.; Denver-Aurora-Lakewood, Colo.; and Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va., sold most quickly, spending 24, 26 and 29 days on the market, respectively.

Listing prices grew at a slightly decelerating pace of 3.8 percent compared to February’s 3.9 percent. Of the 50 largest metros, 45 continued to see year-over-year gains in median listing prices. Pittsburgh (+17.9 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+14.0 percent); and Memphis, Tenn.-Miss.-Ark. (+12.7 percent) posted the highest year-over-year median list price growth in March. The steepest price declines were seen in Dallas-Fort Worth-Arlington, Texas (-2.7 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-1.4 percent); ; and Houston-The Woodlands-Sugarland, Texas (-1.4 percent).

Metros With Largest Inventory Declines
MetroActive
Listing
Count
YoY
Median
Listing Price
Median
Listing
Price
YoY
Median
Days
on
Market
Price
Reduced
Share
Phoenix-Mesa-Scottsdale, Ariz.-42.2%$405,00012.0%4324.6%
Milwaukee-Waukesha-West Allis, Wis.-36.2%$327,5002.0%4414.4%
San Diego-Carlsbad, Calif.-33.4%$749,9509.6%3614.0%
San Jose-Sunnyvale-Santa Clara, Calif.-31.4%$1,230,99412.0%248.1%
Philadelphia-Camden-Wilmington, Pa.-
N.J.-Del.-Md.
-30.7%$300,00014.0%4916.7%
Cincinnati, Ohio-Ky.-Ind.-30.4%$299,95012.6%4815.3%
Denver-Aurora-Lakewood, Colo.-30.0%$560,0459.4%2615.9%
Riverside-San Bernardino-Ontario, Calif.-27.6%$424,5504.9%5116.7%
Providence-Warwick, R.I.-Mass.-27.2%$399,9508.9%5011.0%
Seattle-Tacoma-Bellevue, Wash.-27.1%$615,0250.7%308.1%
Charlotte-Concord-Gastonia, N.C.-S.C.-26.7%$350,0003.0%4419.4%
Portland-Vancouver-Hillsboro, Ore.-Wash.-26.3%$480,0000.3%4124.6%
Kansas City, Mo.-Kan.-24.6%$340,0007.1%6316.4%
Washington-Arlington-Alexandria, DC-Va.-
Md.-W. Va.
-24.4%$505,0009.0%2913.6%
Nashville-Davidson–Murfreesboro–
Franklin, Tenn.
-24.2%$378,9884.2%3514.5%
Los Angeles-Long Beach-Anaheim, Calif.-23.0%$960,045N/A5211.5%
Baltimore-Columbia-Towson, Md.-22.7%$328,4954.3%4318.3%
Virginia Beach-Norfolk-Newport News,
Va.-N.C.
-22.5%$315,0507.7%4612.0%
Cleveland-Elyria, Ohio-22.2%$202,4503.4%6016.9%
Rochester, N.Y.-22.1%$235,6459.0%3710.4%
Memphis, Tenn.-Miss.-Ark.-21.7%$243,50012.7%6015.8%
Austin-Round Rock, Texas-20.7%$372,0003.3%4416.5%
Tampa-St. Petersburg-Clearwater, Fla.-20.4%$282,0503.1%5226.2%
Sacramento–Roseville–Arden-Arcade,
Calif.
-19.8%$507,1596.9%3515.4%
Las Vegas-Henderson-Paradise, Nev.-19.7%$335,0507.0%3917.4%
Buffalo-Cheektowaga-Niagara Falls, N.Y.-19.2%$202,5502.6%5812.0%
San Francisco-Oakland-Hayward, Calif.-19.0%$960,0006.0%309.2%
Indianapolis-Carmel-Anderson, Ind.-19.0%$280,0002.4%5421.1%
Birmingham-Hoover, Ala.-18.5%$259,9507.3%5714.8%
Boston-Cambridge-Newton, Mass.-N.H.-18.2%$630,0509.6%3211.5%
Oklahoma City, Okla.-17.7%$264,4007.9%4317.6%
Louisville/Jefferson County, Ky.-Ind.-17.4%$272,4950.0%5117.6%
Orlando-Kissimmee-Sanford, Fla.-17.4%$322,8055.4%5620.2%
Columbus, Ohio-17.1%$307,2449.3%4017.4%
Pittsburgh, Pa.-17.0%$215,00017.9%7816.4%
St. Louis, Mo.-Ill.-16.9%$230,0003.4%6515.7%
Hartford-West Hartford-East Hartford,
Conn.
-16.0%$284,5005.4%5112.2%
Atlanta-Sandy Springs-Roswell, Ga.-15.4%$328,8401.6%4916.8%
Raleigh, N.C.-14.2%$375,0453.8%5018.8%
Richmond, Va.-13.7%$333,3002.5%4715.1%
Jacksonville, Fla.-13.4%$320,0451.7%5820.7%
Miami-Fort Lauderdale-West Palm Beach,
Fla.
-11.9%$407,8022.6%8615.2%
Detroit-Warren-Dearborn, Mich-11.3%$239,9501.2%4816.8%
New York-Newark-Jersey City, N.Y.-N.J.-
Pa.
-10.7%$569,0504.8%5710.7%
New Orleans-Metairie, La.-9.8%$289,0500.9%6116.6%
Dallas-Fort Worth-Arlington, Texas-9.6%$342,545-2.7%4521.8%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.-8.1%$328,5000.7%4317.2%
Houston-The Woodlands-Sugar Land,
Texas
-4.8%$313,045-1.4%5120.7%
San Antonio-New Braunfels, Texas-2.3%$297,495-0.5%5919.0%
Minneapolis-St. Paul-Bloomington, Minn.-
Wis.
3.6%$373,520-1.4%3511.9%

*Some data points for Los Angeles have been excluded due to data unavailability.

EDITOR’S NOTE: The realtor.com economics team is continually tracking the impact of the coronavirus pandemic on the U.S. economy and housing market. The team’s reports and analysis are available here.

About realtor.com®
Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology,realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals,realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visitrealtor.com®.

Media Contacts:
–       Cody Horvat, cody.horvat@move.com 
–       Lexie Holbert, lexie.puckett@move.com

NAR Offers Members TeleHealthSM to Realtors® at No Cost in Response to COVID-19 Crisis

Group will fund two months of telemedicine for members who lack access to service

Chicago, IL – April 1, 2020 (nar.realtor) The National Association of Realtors® announced Wednesday that it will be expanding access to Members TeleHealthSM at no cost to its members for those who register before April 15. The program comes as part of NAR’s larger “Right Tools, Right Now” initiative – relaunched on March 27 – which is making numerous valuable resources available to the association’s 1.4 million members at reduced or no cost.

CHICAGO (April 1, 2020) – The National Association of Realtors® announced Wednesday that it will be expanding access to Members TeleHealthSM at no cost to its members for those who register before April 15. The program comes as part of NAR’s larger “Right Tools, Right Now” initiative – relaunched on March 27 – which is making numerous valuable resources available to the association’s 1.4 million members at reduced or no cost.

“While the nation continues to grapple with the COVID-19 crisis, we are doing everything we can to ensure our members and their families can stay safe, healthy and secure,” said NAR CEO Bob Goldberg. “After launching ‘Right Tools, Right Now’ last week, we promised to closely monitor the effects of this pandemic and update the initiative as needed. I’m pleased to announce today the addition of Members TeleHealthSM, a long-term REALTOR Benefits® partner offering, to the RTRN toolkit.”

Members TeleHealthSM provides around-the-clock access to non-emergency healthcare from more than 2,300 board-certified U.S. physicians. Common issues addressed through telemedicine include allergies, asthma, rashes, joint aches, flu and nausea, among others.

Beginning today, NAR is funding two months of services for members who currently lack access to telemedicine and enroll in this program by April 15. Recognizing that the opportunity will likely draw significant interest from its members, NAR has also negotiated a discounted rate for those who wish to retain coverage following the two-month, no-cost period.

 “As we continue to solicit input from our members regarding COVID-19’s impact on their lives and businesses, NAR is grateful to be able to offer expanded access to potentially lifesaving telemedicine services,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Medical professionals are urging Americans who are sick to stay home, and telemedicine is playing a critical role protecting our communities and our health care workers. We continue to encourage members to limit their exposure and decrease the chance of spreading illnesses to others.”

Through RTRN, which was initially launched during the financial crisis in 2009, Realtors® can also access webinars with tips for managing finances in uncertain times; educational resources to build or hone professional skills; and a free copy of the widely-used Profile of Home Buyers and Sellers, among other business-critical resources.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

COVID-19 and How We Can Help You

As we all try to live and work through COVID-19, “business as usual” has taken on a whole new meaning.

Almost every industry, business, and family have been impacted but among the chaos, we are seeing people collaborate like never before. And we want to help too.

AgencyLogic isn’t impervious to these challenges but we feel it is important to be here for our customers and to do everything possible to help you.

Here is how we plan on doing that:

1. Effective immediately, if you buy one full-price single property Website, you will get another one free.

There is nothing for you to do – we will add a license to your account after the initial purchase.

Additionally, every PowerSite Pro customers we will get VIP pricing which equates to $25 off of every single property Website.

And finally, all subscription customers will have the per-agent monthly fee reduced by 50%.

We will keep these offers going for as long as we can. At this time, it isn’t about profit, it’s about helping every agent we can.

2. We will continue to provide tips, help, and information about the real estate industry and COVID-19 on this blog. We will also share that information via our social media channels:

Facebook: facebook.com/AgencyLogic
Twitter: twitter.com/AgencyLogic
LinkedIn: linkedin.com/company/366532

As always, the content will center on real estate, marketing, and technology but we will especially focus on news and general information about COVID-19 and how we can all work and survive.

Here are some examples:

Tom Ferry: 3 Rules I’m Living By Right Now
A Strategy for Virtual Showings During COVID-19
Coronavirus and Business: The Insights You Need from Harvard Business Review
NAR Relaunches ‘Right Tools, Right Now’ to Help Realtors® Face Coronavirus’s Impacts


3. We will over-communicate.

Phones continue to be staffed:

(888) 201-5160

Our team is ready to answer your email: support@agencylogic.com

and know that you can call me at any time.

My personal mobile number is: (845) 242-6010.

If there is anything else you think we can do please let me know – we will get through this together.

Stay safe!

Steve Fells











90 days of Inman News Is Now Available For Free

Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.

And the company has announced an offer that provides access to that information for free for 90 days.

The offer provides:

  • Up-to-the-minute housing industry coverage and in-depth analysis of key players, technology & trends
  • Actionable advice for growing your business as an agent, team or brokerage
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  • Expert analysis and opinion on industry disruption, market changes, and the future of real estate
  • Access to live event video streams from Inman Connect, and our special monthly reports
  • A vibrant community of global professionals to share ideas and grow referrals
  • Go behind the stories at Inman with our weekly insider newsletter, The Wrap

Brad Inman states:

“Our team has been working hard these past weeks to start telling the story of this time and thinking through ways to help you and your business. We want to make this work widely available, so today we are offering free 90-day trials of Inman subscriptions. We don’t pretend to have all of the answers. But we are committed to working through this together with you.”

For access, visit inman.com 

U.S. Ad Revenue Likely to Plummet

Source: Statista

Despite more eyes being glued to screens and content than ever before from people staying home during the COVID-19 outbreak, advertisers are pulling their ads from digital and traditional platforms at a rapid rate.

According to Axios, analysts from the Cowen & Co. investment management company predict Facebook and Google will lose over $40 billion in combined advertising revenue in 2020 due to the coronavirus pandemic. These companies, which operate a huge chunk of advertising space online and on social media, are both projected to fall over 18 percent short of their initial ad revenue forecasts for the year.

A majority of digital ad space is bought by small businesses. With many looking for any ways to cut costs, digital advertising is an area small businesses are scaling back on – especially if they’ve been forced to close their physical retail spaces.

Still, while big tech companies may feel the brunt of the damage to digital ad revenue losses, analysts believe companies like Facebook and Google won’t be too weakened by the crisis thanks to a diversity of other products and services. However, growth is expected to be greatly curtailed relative to previous years for the tech industry.

Infographic: U.S. Ad Revenue Likely to Plummet | Statista

Fannie Mae Releases February 2020 Monthly Summary

WASHINGTON, March 31, 2020 (PRNewswire) Fannie Mae’s (OTCQB: FNMAFebruary 2020 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae’s monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

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