Good info about new normal housing market

Good graphs at link showing
individual metro area impacts

https://www.curbed.com/2020/5/21/21264167/coronavirus-housing-market-prices

The economy is tanking. So why aren’t home prices dropping?

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Usually, a huge drop in demand would put downward pressure on prices; home sellers would be competing with each other to attract a limited number of buyers by dropping their asking price. But while housing demand has dropped substantially, housing supply also dropped in lockstep as potential home sellers pulled out of the market for many of the same reasons buyers are.

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While both supply and demand have dropped, the relationship between the two went largely unchanged, meaning the drops in supply and demand were generally proportional to each other. Furthermore, home sales also dropped after the pandemic hit, and it’s hard for prices to move when there aren’t as many housing transactions to make prices move in aggregate. Together, this leaves prices much where they were before the pandemic.

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While the current conditions haven’t led to a short-term price drop, the long-term economic trends induced will likely effect prices in the future. Zillow economist Skylar Olsen says Zillow is forecasting a price drop of 2 to 3 percent through the end of 2020, depending on the city, compared to where prices were in February.


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