Existing home sales are down across the country, which is as expected as the U.S. combats the coronavirus outbreak.

But a new report by First American Financial Corporation says that is likely only temporary as sellers wait until the economy recovers. The First American Real House Price Index shows that home sales dropped 8.5% in March compared to the prior month, and listings followed suit. Mark Fleming, chief economist at First American, said in a press release that an analysis of recessions — not including the most recent one — shows housing has a “stickiness” in terms of growth in value.

While homes are likely to gain value slowly during a recession, it’s uncommon for them to lose value, according to the report. “The ‘downside stickiness’ of house prices is unique because typically aggregate demand shocks put a lot of downward pressure on the prices of goods and services, but in the housing market, sellers often withdraw supply rather than sell at lower prices,”

Fleming said. “This dynamic played out in March, as the supply of homes for sale declined by 10.2% compared with one year ago.” Buyers and sellers retreating from the market will lead to a moderation in house price appreciation, … Read More


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Article From: "Timothy Inklebarger"   Read full article

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