The Covid 19 pandemic has hit nearly every industry hard and the housing market is no exception. According to new data from both the Florida Realtors and the National Association of Realtors, existing home sales in April dropped by 17% throughout the U.S., which is right on par with what we saw in Tampa as well. In fact, Hillsborough County saw an 18% drop in single-family home sales in April compared to 2019, while Pinellas County fell 27%.
Nearby Pasco County fared slightly better, with just a 12% decline.
A deeper dive into the data also revealed single-family homes priced under $250,000 saw the biggest decline in sales of any category, while higher-priced homes in some areas have sold at a rate higher than 2019. Unfortunately, much of Pinellas County is the exception to this trend, seeing a 32% decline in sales for homes over $1 million in April.
As for the entry-level market, with Florida's hospitality and restaurant industries being impacted severely by COVID-19, it's likely that many would-be entry-level buyers are now having to wait longer to purchase a home.