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Aspiring homeowners are likely to come hard once the Coronavirus scare recedes but real estate marketplace Zillow feels that housing inventory shortage may obstruct any possible sales rebound.
Its Weekly Market Report reveals a drop of 17.1% in inventory compared to the same time last year. Over the week, it has fallen by 0.4%. Houses which are on for-sale supply also took a beating in many of the top 35 metros. The figures show a 35% dip in Cleveland, 36% in Seattle, and 34.4% in Philadelphia.
To paraphrase Skylar Olsen, Zillow’s senior principal economist, homebuyers weren’t expected to hit the market this soon. Coronavirus was likely to have kept them away for longer. In the event of arriving sooner than expected, they found a shortage in housing inventory because unlike the buyers, the sellers looked more uncertain at this stage.
Taking a cue from the buyers, the sellers have topped their game and this reflects in a hike in the new listings. Mrs. Olsen also asks whether the housing industry will have the legs to keep growing once the Coronavirus-triggered sales rebound passes over. Personally, she anticipates that in months to come, the economy will run in sync with the general economic downturn.