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How coronavirus is impacting the housing market

The coronavirus is sweeping across the nation while infecting hundreds of thousands of people and crippling our economy. One question raised is how it is impacting housing.

Posted: Apr 1, 2020 8:32 PM

REDDING, Calif. - Josh Barker, owner and broker of Remax Town and County, said in March 2020, almost 240 homes were sold, down from about 60 from this same time last year.

Barker told Action News Now there are several contributing factors, like mortgages changing and higher unemployment rates, but one big one is the coronavirus causing people to rethink their housing plans.

"About 60% of our pendings for the month happens in the first two weeks and that second two weeks was about 40% of the contract," said Barker. "Buyers out there still resilient, they're wanting to take advantage of the low-interest rates, there's some optimism that this will obviously come to pass like all things do overtime."

Barker said he has noticed a lot of people buying now because interest rates are low and there is less competition in the market for those hot properties.

Until recently, the California Association of Realtors had suspended open houses due to coronavirus concerns, with many agencies switching to virtual showings.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 103813

Reported Deaths: 3993
CountyConfirmedDeaths
Los Angeles498602241
Riverside7341313
San Diego7100260
Orange5744142
San Bernardino4914190
Alameda309794
Santa Clara2701140
San Francisco243740
San Mateo202282
Kern200737
Tulare183580
Fresno165832
Santa Barbara163612
Imperial144326
Contra Costa138437
Sacramento134956
Ventura106232
San Joaquin84235
Kings7043
Stanislaus68328
Sonoma5304
Solano50922
Monterey4699
Marin43614
Merced2807
San Luis Obispo2681
Yolo20723
Santa Cruz2062
Placer1969
Napa1113
Humboldt983
Madera942
San Benito852
El Dorado840
Del Norte440
Sutter422
Nevada411
Butte400
Shasta374
Mono351
Yuba281
Mendocino250
Lake230
Inyo191
Mariposa161
Calaveras150
Glenn140
Amador100
Siskiyou60
Colusa50
Lassen50
Tuolumne40
Plumas40
Tehama41
Alpine20
Trinity10
Sierra10
Unassigned00
Chico
Broken Clouds
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Oroville
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Paradise
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Hi: 86° Lo: 56°
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Chester
Clear
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Hi: 83° Lo: 52°
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Red Bluff
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Willows
Broken Clouds
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Rain showers and a good chance for thunderstorms are on the way for your Friday night and Saturday forecast. We'll also be much cooler and have gusty South winds this weekend. Some showers are possible early next week, but dry and warmer weather returns for the middle of next week.
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