New numbers from the National Association of Realtors show sales of previously owned homes down 8.5 percent in March from the month before. The slowdown was expected, due to the impact of coronavirus mitigation efforts. However, despite the decline, sales remain 0.8 percent higher than at the same time last year. Additionally, home prices continued to increase, with the median price for all housing types at $280,600. Vince Malta, NAR’s president, says real estate should help lead the way as the economy begins to recover. “We have seen an increase in virtual home tours, e-signings, and other innovative and secure methods that comply with social distancing directives,” Malta said. “I am confident that Realtors and brokerages will adapt, evolve and fight, ensuring the real estate industry will be at the forefront of our nation’s upcoming economic recovery.” As evidence of that, the report shows that 93 percent of home sellers adapted their behavior to help move the home buying process forward while complying with social distancing and other precautions.
