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Early Effects of the Covid-19 Pandemic on Housing Market in the United States

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  • Baris K. Yörük

Abstract

I use daily data from fifty major cities to investigate the early effects of the Covid-19 pandemic on housing market in the United States. I find that starting from the second half of March, 2020, new home listings and pending home sales started to decrease. By mid-April, certain markets experienced more than 60% drop in new home listings and pending home sales relative to the same time period in the previous year. The collapse of the housing market is broad based, hitting all major cities, regardless of the intensity of virus spread or timing of the introduction of state level policies to combat the pandemic. The only exception is the closure of non-essential businesses at certain states, which is associated with up to a 9 percentage point decrease in new home listings.

Suggested Citation

  • Baris K. Yörük, 2020. "Early Effects of the Covid-19 Pandemic on Housing Market in the United States," CESifo Working Paper Series 8333, CESifo.
    • Handle: RePEc:ces:ceswps:_8333
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp8333.pdf
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    Cited by:

    1. Małgorzata Uhruska & Agnieszka Małkowska, 2021. "The Impact of COVID-19 on the Work of Property Valuers: A Glance at the Polish State of Play," JRFM, MDPI, vol. 14(8), pages 1-16, August.
    2. Ka Shing Cheung & Chung Yim Yiu & Chuyi Xiong, 2021. "Housing Market in the Time of Pandemic: A Price Gradient Analysis from the COVID-19 Epicentre in China," JRFM, MDPI, vol. 14(3), pages 1-17, March.

    More about this item

    Keywords

    Covid-19; housing market; United States;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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