Real Estate Giant Zillow Forecasts 60% Drop in Home Sales this Spring
Real estate company Zillow forecasts that “home sales will fall as much as 60% this spring”.
This forecast comes after the National Association of Realtors reported a 20.8% decrease in pending home sales in March. However, the association predicts home sales will decline only 14% on the year, as they anticipate “a bounce-back” later this year.
Zillow is also predicting a “2-3% drop in prices through the end of 2020”, with a worst-case scenario indicating a 3-4% price drop.
Zillow does expect a strong recovery as a growing percentage of millennials are “entering prime first-time homebuyer age.”