March Inventory Plummets 34%

Seeing a Buying Slow-Down 
According to Realtor.com’s March 2020 Monthly Housing Market Trends Report, the nation’s available real estate inventory declined by 191,000 listings, or 15.7%, in March 2020 on an annual comparative basis with March 2019. And for the week ending March 28, new inventory was down 34% year-over-year, the biggest decline of the year, the March trend report says. 
The declines are believed to be the direct result of the COVID-19 pandemic, as potential sellers are reluctant to put their properties on the market at this time.

What has not changed is the continuing growth in the median U.S. listing price, which grew by 3.8% in March to $320,000. 
Additionally, for the week ending March 28, the median price grew only 2.5% year-over-year, representing a slowing in the trend.

Still, the market hasn’t missed a beat when it comes to property appreciation over the last 7 years.

Among the 50 largest U.S. metro areas, the steepest decline was 42.2% year-over-year in Phoenix-Mesa-Scottsdale, Arizona.
Some anecdotal discussions are saying that some markets, like in New York and Chicago, are experiencing drops of 40% in buyers and sellers, while in Atlanta it is a typical spring season.  

Agents are still working, but not with open houses, rather with showings by appointment-only open houses, virtual and online. 

The Realtor.com report discovered that the average property was selling more quickly than in 2019, from 64 days to 60 days nationally.