WCTB Real Estate

The U.S. is confronting what is likely to be the deadliest week so far in the coronavirus outbreak and with over 10 million new unemployment claims over the past two weeks the backdrop for the housing market is fairly bleak. 

Yet somehow the stability in home-buying demand we saw last week has extended into this week. We measure home-buying demand by the annual growth rate in customers going on their first tour with a Redfin agent. For the seven days ending April 7, home-buying demand was down 26% compared to the prior year. When we reported on this number last

Victoria’s peak real estate body has slammed the state government for quietly outlawing inspections of occupied properties, saying the change will effectively prevent homeowners from selling or leasing non-vacant dwellings.

The directive escalates Prime Minister Scott Morrison’s ban on open for inspections, which allowed agents to continue booking private inspections with prospective buyers and tenants.

A leading agent has described the development as “overkill”, especially with the coronavirus curve flattening, saying it has the potential to “put thousands of people in the real estate industry and supporting industries out of work”.

RELATED: Technology letting buyers inspect from lounge room

Uncertainty reigns in the real estate market right now, just like it does in the rest of American life. It’s clear that the number of home sales is going to decline over the short term, with pending sales down 42% between March 23 and March 29 compared to the prior year. What’s still unclear is what impact the COVID-19 pandemic will have on sale prices, and just how long the slowdown will last.

The first step in getting a perspective on where prices are heading is gauging how home-buying demand is changing. We measure home-buying demand by the annual growth