Betty Liu, Executive Vice Chairman for NYSE Group, provides her perspective:
How has the housing market reacted to the COVID-19 pandemic?
When stay-at-home orders were put in place, the housing market just dried up. Sales fell dramatically. Existing home sales in the month of April dropped nearly 18%. However, home prices actually continue to still rise. The median price for an existing home in the United States was $286,000. That was a rise of 7.4% from April of 2019.
Why haven't we seen home prices drop due to all this economic uncertainty?
Demand fell sharply for houses, existing houses in the United States during this COVID pandemic. You don't need an economics degree to know that when demand falls, prices drop as well. That didn't happen this time around. The reason is because supply also fell as well, leaving the supply-demand relationship unchanged.
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