The national median existing single-family home price in the first quarter of 2020 was $274,600, up 7.7% from the first quarter of 2019 ($254,900).
Home sellers are gearing up to list their properties with the reopening of the economy, with half completing do-it-yourself home improvement projects.
Expected pending sales declines, as a result of the coronavirus outbreak, happened in all regions of the country.
Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.
Each of the four major regions reported a dip in sales, with the West suffering the largest decrease, but home prices remain strong.
A quarter of Realtors® with clients putting contracts on homes this week had at least one do so without physically seeing the property, according to a new survey from the National Association of Realtors®.