February saw national home inventories decline by over 15% vs. a year ago, the largest decline ever recorded since Realtor.com began tracking home inventory data. Half of the nation’s largest metro areas in February saw inventories decline by 20% or more from the same period last year.
Danielle Hale, chief economist at Realtor.com said: “The Fed’s decision to cut rates 50 basis points earlier in the week in reaction to the coronavirus is good for home buyers only if they can find a home to purchase.”