In January, the number of new homes sold in the United States hit its highest level since 2007.
Today, the situation looks much bleaker as the COVID-19 coronavirus has plunged economic markets into turmoil and the economy slows. To gauge how people are feeling about buying homes right now, the team at LendingTree analyzed Google search data to see how popular the search term “homes for sale” is in 50 of the nation’s largest metros. We found that searches have declined significantly over the past few weeks. Some more interesting points:
  • Searches for “homes for sale” have fallen across all 50 metros—The average decline was 32% from each metro’s 2020 peak value.

  • Tucson, Columbus, and San Diego have seen the largest drops in search interest. The average decline in these metros was 45%.

  • By the end of May, Tucson, Columbus, and Phoenix will likely see the largest declines in search interest— a potential drop of 89%.
  • If the impact of COVID-19 remains substantial over the next two months, searches could fall an average of 63% across all metros.