Market Update: Existing Home Sales Drop in March

March’s Existing Home Sales report showed a 8.5% decrease in home sales, to a seasonally adjusted rate of 5.27 million.

Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:

“Social distancing is only just beginning to show up in home sales data. The March closing activity is reflective of contracts signed in the weeks prior to Stay-At-Home orders taking full effect. Potential home buyers have stayed indoors, halting their home search to stay healthy. In April, most states had month-long social distancing orders in effect, and we will see the full impact on home sales. The housing market will stay on pause while Americans work together to stop the spread of COVID-19, but it is likely to return to the high levels of activity once we are passed this current challenge.”

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