While buyer demand has softened and sales (for the entire U.S.) fell 8.5% in March, the supply of homes on the market is contracting even faster.
An article in The Wall Street Journal Online dated May 5 discusses how although the Covid-19 health emergency is causing a drop in buyers venturing out to look at homes for sale, home prices continue to rise. Some sellers have taken their homes off the market, and others are postponing listing, as they wait to see what develops with the pandemic and the economy. Because supply remains less than demand, prices are still rising. Real estate economists do not expect prices to fall, unless a lot of houses go into foreclosure. Read the full article at: