The regional housing market kept up its hot start to the year in March until the effects of the coronavirus started to materialize.
The latest housing report from Bright MLS reveals a market that started out strong in March and then began to slow down in the middle of the month. While regional home prices saw a 10-year high for the month and homes were selling on median in just over a week, the second half of the month was very different than the first half.
"The impact of COVID-19 related stay-at-home orders and social distancing measures became evident in the latter half of the month," the report stated.
Most notably, the number of homes that went under contract in March saw a significant year-over-year decline, falling almost 16 percent. Prospective sellers were also showing signs of hesitation, as the number of new listings to the hit the market fell to the lowest level for the month since 2015.
A more complete picture of how the virus is effecting the market will be seen when the April numbers come out next month.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-housing-market-sees-beginning-of-corona-effect-in-march/16709.
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