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May Home Sales Significantly Impacted by COVID-19

May Home Sales Significantly Impacted by COVID-19

New data from Black Knight’s Collateral Analytics shows single-family home sales fell considerably in several major U.S. metropolitan areas during May 2020, compared to the same month in previous years, due to the continuing fallout of the COVID-19 pandemic.

As part of this study, Collateral Analytics leveraged home sales data from the company’s Daily Home Price Flash for 15 counties covering large U.S. cities from geographically diverse areas. Each of these areas experienced significant drop-offs in year-over-year sales, with multiple counties seeing decreases of more than 50%.

These areas were affected by COVID-19 to various degrees and demonstrate the scale of the pandemic’s impact across the real estate market.

While spring and summer are typically the peak of the home sales season, looking closer at several of these counties provides detailed insight into how home sales have fallen since March — when the pandemic began to affect the United States.

In San Diego County, Calif., single-family home sales fell from 2,297 in May 2019, to 1,303 in May 2020 — a decrease of 43.3%.

King County, Wash., home to Seattle, saw a decrease of 34.2% year-over-year in May, with 1,557 sales in 2020, compared to 2,366 in 2019.

Marion County, Ind., the location of Indianapolis, has seen sales holding up well over the last several months compared to other markets, but did experience a 30.8% drop-off from May 2019 (1,252 sales) to May 2020 (867 sales).

Finally, Queens County, NY, a major borough of New York City, saw staggering drops in single-home family house sales for May, declining 64.5% year-over-year compared to 2019.

Despite the sharp drop-off in single-family home sales, daily home sales numbers for June indicate a rebound to near-2019 levels. San Diego, King and Marion Counties are all on track for significant increases in sales for June — with Marion County expecting to surpass last year’s numbers. Queens is also expected to see some improvement, but still exhibits depressed numbers year-over-year.

Black Knight’s Collateral Analytics will continue to provide bimonthly snapshots of home sales and price information for major U.S. markets via this blog.