“Pending Home Sales Plunge – Even Worse Than During the 2008 Crisis!
The housing market has taken a nosedive during the COVID-19 pandemic. The latest numbers from the National Association of Realtors show that pending home sales have dropped to a record low in April, making the current crisis worse than the hit the housing market took during the Great Recession a decade ago.
As the economy continues to struggle, pending home sales are down 20.8% from last April and are at the lowest level since the series was first tracked in 2001. This marks the fifth months in a row where pending sales have dropped, and the numbers are a stark reminder of the economic damage that this pandemic is causing.
The effect of the pandemic has been felt by almost every sector, and housing is no exception. Homebuyers have been hit hard by job losses, and the number of people showing up at open houses and signing offers is significantly lower. On top of this, the financial constraints imposed by the pandemic have made it more difficult for people to obtain mortgages as banks are more cautious about lending.
It is clear that the housing market is in trouble and that these numbers will likely get worse before they get better. However, there are some glimmers of hope. Analysts are saying that the worst of the crisis may be over, and as the economy slowly recovers, we may see an uptick in pending home sales in the near future.
In the meantime, though, real estate agents and homeowners must do all they can to ensure that they are able to weather the economic storm. This may include offering reduced commissions or discounted prices to entice buyers, as well as taking advantage of government programs that are designed to assist those affected by the crisis. If these strategies are implemented successfully, hopefully the housing market can eventually rebound.
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