Redfin Sees Drop in Pending Home Sales

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Redfin says they’ve seen an 8.2% drop in pending sales growth which they say could be from subsiding pent-up demand (from March & April) or the ongoing lack of inventory.  In fact, they point that new listings were down 8.3% (even though interest rates are at record-lows) leaving buyers with a very limited selection of homes to choose from.  This, combined with the recent increase in Covid-19 cases, leaves a lot to be determined going into mid-Summer.  Indeed…

“The two big questions for the housing market are whether sellers will begin to come back in force, and whether homebuyers will remain as confident as they have been since the market began recovering in May. If the economy continues to slowly heal and another round of stimulus does pass this month, both homebuyers and sellers are likely to be optimistic about the housing market through the next few months of 2020, but if the number of coronavirus cases continues to rise and some markets begin to shut down again, home sales and listings could pull back as well.”

Click here to read the full report at Redfin.com.

 

 

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Director of Education & Outreach, National Real Estate Investors Association

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