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Home Sales May Already be Bouncing Back
April 23, 2020
Demand for housing cratered in March as both buyers and sellers watched to economic fallout from the coronavirus. Recent weeks, however, have shown promising signs that interest in the housing market is returning.
According to research from Zilliow, pending home sales are still down about 32% from a year earlier. The trend has turned positive though, with pending sales up 6.2% over the previous week. Zillow also notes that web traffic for listings and requests to meet a realtor are up more than 13% from the week before.
An economist from Zillow told CNBC that there may be many reasons for the uptick in interest. He notes that Americans may be reacting to the good news that the number of infections looks to be cresting and the rebound in the stock market. He also attributes some of the renewed interest to realtors quickly moving operations online and implementing strategies like virtual tours. Further, home prices have held steady, showing that they continue to be a relatively safe investment,
