Is Now a Good Time to Buy or Sell Real Estate?
Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45%, and sales volume fell 15% compared to last year. 1 Fortunately, as restrictions have eased, we’ve seen an uptick in market activity. Homebuyer demand is beginning to show signs of life. Overall, the U.S. recorded its 6th consecutive increase in new purchase-money applications. That brings the number of mortgage applications back above the pre-crisis levels of late February. Importantly, this also erases the year-to-year deficit that peaked in mid-April as well with total applications 8% higher last week than they were during the same period of 2019. California saw its 7th consecutive weekly gain in mortgage applications as well, though it also saw a bigger contraction in the immediate aftermath of the downturn, so it remains roug