HOUSING MARKET SLOWING DOWN AMID COVID-19, BUT PRICES STILL STABLE
The housing market is decline in sales because of the coronavirus pandemic.
Sales data from April shows total residential sales declined by 8.9%, said University of Alabama Culverhouse College of Business Alabama Center for Real Estate Research Coordinator Stuart Norton.
Norton said he expects sales activity will be lower for the foreseeable future because of the pandemic’s ever-growing impact.
“It has to do with so many factors,” he said. “State and local and federal policies impact a lot of this so there are many variables, but once the status quo returns to normal I wouldn’t be surprised to see pent-up demand for buyers and sellers.”
Lower sales isn’t the only aspect of the market in decline. The number of properties listed for sale and inventory also went down 16% since 2019.
Interest rates are also dropping, which could point to a favorable time for buyers despite the declining sales activity. Prices are remaining stable, so don’t expect a buyer’s discount.