In a new forecast released in June, Realtor.com expects existing home sales to be 15% lower this year.
Since the onset of the coronavirus pandemic, new listings have plummeted in a time of the year when they would have spiked to their highest levels had it been a conventional annual cycle.
In March through May, the largest yearly declines in new listings occurred in Milwaukee , Philadelphia and New York City , per Realtor.com. Even though more sellers are likely to put their residences for sale through August, Realtor.com contends that the loss of new listings this spring and early summer is unlikely to be recovered, thus, keeping sales numbers below historical levels.
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