By Micah Maidenberg
Zillow Group Inc. said homeowners have pulled back from listing properties for sale as the coronavirus has shut down the economy.
The real estate company on Thursday said new listings on its platform fell 19% from March 1 to April 5. Total listings rose 2.5%, indicating homes are sitting unsold for longer, according to Zillow.
In New York City, which has been hit hard by the pandemic, new listings fell 49% for the period, the company said. They dropped 38% in San Francisco, 43% in Philadelphia and 56% in Pittsburgh.
"It is clear that many would-be home sellers are adopting a wait-and-see approach as uncertainty continues to rule," Skylar Olsen, senior principal economist at Zillow, said in a statement.
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