New listings on the housing market in the Los Angeles metro area have dropped 27% from last year and about 19% over the last month, a trend seen nationwide since the onset of the COVID-19 pandemic, according to an analysis released Thursday by real estate database Zillow.
According to Zillow, early spring usually represents the peak home- shopping season, but new listings are down 19% across the country during the period from March 1 into early April, likely due to various stay-at-home orders implemented to slow the spread of coronavirus.
Meanwhile, there has been an uptick in 3D Home tours, which are up 408% from February, according to Zillow’s analysis, with buyers and sellers seeking new methods to adapt to fast-changing public health requirements.
“It is clear that many would-be home sellers are adopting a wait-and-see approach as uncertainty continues to rule. Our understanding of U.S. economic conditions is changing weekly, if not daily, and early unemployment figures are striking, so it’s understandable that some are hesitant to put their home on the market,” said Skylar Olsen, senior principal economist at Zillow.
“It is possible that this year’s busy home-shopping season is pushed into winter as some opt to hang back but activity continues from those who need to buy or sell for a job move or another major life event,” Olsen said. “What’s not likely is that the bulk of potential home sellers and buyers simply throw up their hands and pull back from the market entirely.”