The COVID-19 pandemic and subsequent shutdown of the economy continued to pound the housing market, with the largest annual drop in sales since November 2007.
COVID slammed the door on home sales in April, with the largest month-to-month drop in more than 40 years.
California’s once-strong housing market showed much weakness in March, as the coronavirus prompted a double-digit decline in sales, the first time in more than nine years.
Some dramatic efforts could help millions of Californians avoid evictions and foreclosures as they shelter in place to reduce the risk of COVID-19.
Home prices and sales soared in February, but as concerns about the economy and the health risks of COVID-19 spread, the solid market will struggle in the coming months.
Home listings plunged almost 27%, the largest decline in almost seven years. Few homes on the market helped boost prices vs. a year ago.
Fewer homes and higher prices were more important than record-low mortgage rates in October, as sales were stagnant.