Home sales slipped and the number of homes listed for sale plunged as the U.S. coronavirus crisis turned into a national emergency in March, according to a new report from Redfin. However, the U.S. median home sale price continued to increase, gaining 7.1% year over year and 3.3% month over month to $303,200.
At the beginning of March, the housing market was stronger than ever, with February marking the eighth straight month of increases in home sales, and the U.S. economy was relatively stable, Redfin said.
"By the end of March, that run had come to an end and everything had been thrown into extreme disarray as the spread of the coronavirus turned the housing market upside down. Therefore, the picture for the entire month of March will understate the stalled condition of the market heading into April," the real estate brokerage said.
It continued, "When trying to understand the apparent home price strength in March it is also important to remember that most of the homes sold during the month actually went under contract in February, before the coronavirus began to shut down the U.S. economy.
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