The number of homes for sale was already low when the traditionally busy spring selling season began, as it has been for several years in most markets around the country. In the Northeast, new listings in April were down 59.4 percent compared with April 2019. Regionally, declines were lowest in the South at 31.4 percent year over year.
Many sellers took their homes off the market, which caused the total number of homes for sale in the United States to drop by 15.3 percent compared with April 2019. Homes took four days longer to sell last month at an average of 62 days, compared with 58 days in April 2019, a sign of hesitation from buyers.
The median listing price rose just 0.6 percent in April to $320,000 compared with April 2019, a decline compared to the listing price increase of 3.8 percent year over year in March.
In the Washington area, the number of new listings dropped by 45.7 percent in April compared with April 2019, and the total number of sales was down 24.1 percent in that same time frame. However, the median listing price still rose in the D.C. region year over year: up 4.3 percent to a median of $500,000 in April 2020. Homes sold in an average of 35 days in April, five days slower than in April 2019.