High-end home listings rebound after spring coronavirus slump
Most expensive homes recovered from a 50% price drop in May
High-end home listings surged in price to near pre-coronavirus levels in June after the market slumped in March, April and May, according to data from online real-estate website Zillow.
New listings for the most expensive homes on the market were down 9 percent in June compared to the same period last year; the numbers represent a positive turn after a 50-percent year-over-year drop in listing prices in May, according to Zillow.
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"The way unemployment has hit in this recession — with more layoffs in service, retail, food, entertainment, and other jobs unable to be done remotely — could result in vastly different experiences on either end of the housing price spectrum," Zillow economist Jeff Tucker said in a statement.
This home belonging to Kevin McClatchy is up for auction July 9. (Platinum Luxury Auctions)
He added that while "millions of Americans who lost jobs or income" remain in their homes thanks to government forbearance programs, for "wealthier homeowners whose employment has remained stable and are looking to trade up, now may be an opportune time to sell and lock in a record-low mortgage rate on their dream home."
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Zillow attributed part of the 50-percent drop in year-over-year listings in May to homeowner flexibility in decisions to list.
Average-priced home listings, however, are still down 29 percent compared to last year and have only increased three percentage points since May, whereas high-end listings jumped 40 percent, according to Zillow.
High-end home listings in San Francisco, San Jose and Miami beat last year's numbers. Listing prices for high-end homes, however, are still lower than last year and fell 5.1 percent from last week.
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