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

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

TRD MIAMI TRD 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
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

DeSantis says restaurants in Florida can operate at up to 100% capacity

DeSantis says restaurants in Florida can operate at up to 100% capacity
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
Miami-Dade County Mayor Carlos A. Gimenez (Credit: Jason Koerner/Getty Images)

Miami-Dade police said pre-Covid evictions could resume. Then came mayor’s stop order

Miami-Dade police said pre-Covid evictions could resume. Then came mayor’s stop order
Miami-Dade County Mayor Carlos A. Gimenez (Credit: Jason Koerner/Getty Images)

Miami-Dade begins phase 2 reopening: movie theaters, bowling alleys and more

Miami-Dade begins phase 2 reopening: movie theaters, bowling alleys and more
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

DeSantis moves Miami-Dade, Broward counties into phase two

DeSantis moves Miami-Dade, Broward counties into phase two
Gov. DeSantis (Credit: Joe Raedle/Getty Images)

Drink up: Bars can reopen Monday in the Florida Keys — but not in rest of South Florida

Drink up: Bars can reopen Monday in the Florida Keys — but not in rest of South Florida
A Toojay's Deli location (Google Maps)

Lender acquires TooJay’s out of bankruptcy

Lender acquires TooJay’s out of bankruptcy
Miami-Dade Mayor Carlos Gimenez (Credit: Jason Koerner/Getty Images)

Miami-Dade mayor: Bars and nightclubs won’t reopen until there’s a vaccine

Miami-Dade mayor: Bars and nightclubs won’t reopen until there’s a vaccine
arrow_forward_ios

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

Loading...