As the coronavirus crisis has evolved from solely a once-in-a-generation health crisis to a financial one as well, many folks have wondered what it will mean specifically for America's housing market.
In the past few weeks, the number of homes for sale on realtor.com® has plummeted by nearly half as sellers are pulling them off the market or holding off on listing their abodes. And as nonessential businesses remain shuttered and unemployment soars, reaching 22 million jobless claims in just four weeks, home price growth is also beginning to slow.
Home prices were up just 0.8% year over year in the week ending April 11. That was compared with a 1.6% annual rise in the week ending April 4, a 2.5% bump in the week ending March 28, and a 3.3% increase in the prior week.
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