The main reason is that we went into this recession with a very strong housing market, as opposed to the crash of 2008-09. In fact, economists expect the housing market will be a primary driver in the recovery phase of this recession.
Here is the good news so far. Despite seeing a decrease in homes for sale and homes being sold during the COVID-19 pandemic, we are still seeing moderate price gains year to year in all four local counties.
That said, we know that declines in the number of sales are expected to accelerate in the coming weeks. Summer sales activity will be the next indicator to watch.