About 6.6 million workers filed unemployment claims in the week ending March 28, according to seasonally adjusted U.S. Department of Labor data. That was roughly double the 3.3 million claims filed the previous week.
Realtor.com Chief Economist Dannielle Hale says that these unemployment numbers are unprecedented. It is an understatement that COVID-19 is affecting the economy, the financial markets, and the housing market. But while the job market has cratered and stocks are down substantially, it doesn’t seem like a similar crash is heading for the housing market. Unlike in the Great Recession, the housing and mortgage industries aren’t to blame for this latest downturn. And while the number of home sales is likely to take a beating, at least in the short term, experts predict that the real estate market is much more stable than it was in the last go-around.
But Hale fears if the pandemic drags on, unemployment rates could reach new heights. And naturally, that’s likely to hurt home sales. Homes sales may fall, and asking prices would follow. Read her analysis of the housing market, and how it will react to the pandemic here.