It took a pandemic to slow down the Bay Area’s housing market

Sales are down 35% year-over-year, according to Zillow

New York Weekend Edition /
Apr.April 12, 2020 09:00 AM
Oakland, California (Credit: iStock)

Oakland, California (Credit: iStock)

It seemed that San Francisco Bay Area’s incredibly tight housing market was bulletproof. That turned out not to be true, but it took a literal pandemic to put a dent in it.

Zillow economist Jeff Tucker told NBC that home sales across the Bay Area are down 35 percent year-over. It seems people put their house hunts on the backburner when it became clear that coronavirus posed a real threat.

“Starting around March 16th we saw traffic on Zillow listings, on our website and on our apps, plummeted 30 percent pretty much over night starting at that point,” he said.

Just like every other market under lockdown, open houses are impossible in the Bay Area. And just like in other markets, agents are holding online home tours and using 3-D programs to give prospective buyers the chance to see properties, but they can only do so much.

Nova Real Estate agent Kymberly Simmons-Greene said that buyers and sellers are still interested, but are “trying to figure out how they can go about connecting and dealing with the properties and the transactions.”

Others aren’t though. They’re taking breathers to see what happens to interest rates, the economy, and home prices before they pull the trigger on a deal.

A wider economic slowdown could lead banks to tighten up their lending standards like they did during the financial crisis last decade. [NBC] – Dennis Lynch


Related Articles

arrow_forward_ios
Disappearing starter homes
New York City’s incredible shrinking starter home market
New York City’s incredible shrinking starter home market
(Photo Illustration by Steven Dilakian for The Real Deal)
Luxury housing market took its biggest dive in 10 years
Luxury housing market took its biggest dive in 10 years
(Illustration by Priyanka Modi for the Real Deal with Getty)
Contract signings for NYC homes diminish, as do new listings
Contract signings for NYC homes diminish, as do new listings
(Photo Illustration by The Real Deal with Getty Images)
Mortgage rates jump, but so do applications
Mortgage rates jump, but so do applications
(Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Flood-risk data shifted homebuyers’ searches, bids
Flood-risk data shifted homebuyers’ searches, bids
rent control, Europe, housing market
Swedish rent control pushes tenants into long waits, sketchy sublet market
Swedish rent control pushes tenants into long waits, sketchy sublet market
Compass' Adrianna Nava (Getty, Compass)
Hamptons listings gain, but inventory still scarce and sales brisk
Hamptons listings gain, but inventory still scarce and sales brisk
Residential Real Estate, Housing Market, Fannie Mae
Sentiment sinks deeper as market sidelines buyers and sellers
Sentiment sinks deeper as market sidelines buyers and sellers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...