Home sales will likely plunge this spring in the wake of the coronavirus pandemic, but bounce back by the end of next year, according to a new forecast.
Home sales will likely plunge this spring in the wake of the coronavirus pandemic, but bounce back by the end of next year, according to a new forecast from real estate search site Zillow.
Sales will likely plummet by up to 60%, as stay-at-home mandates and overall worries about the economy take the steam out of what was previously expected to be a robust spring home-buying season, according to Zillow's economists and analysts. But prices will likely experience a much slighter slide, and a quicker recovery. Zillow expects prices to drop no more than 3% by the end of this year, and then creep back up throughout 2021.“Much uncertainty still exists, particularly with some states beginning to reopen and experts warning of a possible second wave of the coronavirus in the fall,'' Svenja Gudell, Zillow’s chief economist said in a statement.
, fueled by historically low interest rates, a limited number of properties for sale and an eagerness by younger Americans to purchase their first homes. That pent-up demand remains despite the current economic uncertainty, Zillow says, noting that the number of new listings and pending sales is already increasing. And the real estate industry has adapted to the changing environment, using technology to allow for transactions amid the need for social distancing.
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