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What COVID-19 has meant for home sales & prices

June 10, 2020

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Betty Liu Explains: What COVID-19 Has Meant for Home Sales & Prices | Money In :60 | GZERO Media

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Betty Liu, Executive Vice Chairman for NYSE Group, explains:

How has the housing market reacted to the COVID-19 pandemic?

So, as you can well imagine, when stay-at-home orders are put in place, the housing market just dried up. Sales fell dramatically. Existing home sales in the month of April dropped nearly 18%. However, home prices actually continue to still rise. The median price for an existing home in the United States was $286,000. That was a rise of 7.4% from April of 2019.

Why haven't we seen home prices drop due to all this economic uncertainty?

So, as I mentioned, demand fell sharply for houses, existing houses in the United States during this COVID pandemic. And you don't need an economics degree to know that when demand falls, that means prices drop as well. But that didn't happen this time around. And the reason is because supply also fell as well. So, that basically left the supply-demand relationship unchanged.

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Hard Numbers: Israeli operations displace waves of Palestinians, Deadly cartel violence in Mexico, Fatal riots in New Caledonia, Biden sanctions Nicaragua

Displaced Palestinian woman Mai Anseir stands with children at a school where they shelter as they prepare to flee Rafah after Israeli forces launched a ground and air operation in the eastern part of the southern Gaza City, amid the ongoing conflict between Israel and Hamas, in Rafah, in the southern Gaza Strip May 13, 2024.

REUTERS/Mohammed Salem

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Xi invites Putin to China to strengthen "no limits" partnership

Putin visits Xi to continue "no-limit" relationship with China | Ian Bremmer | World In :60

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Does Putin's upcoming visit with Xi Jinping signal a continuing “no-limits” partnership between China and Russia? Why is Europe alarmed with Georgia's “foreign agents” law? How will Biden respond if Israel continues to push into Rafah? Ian Bremmer shares his insights on global politics this week on World In :60.

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What COVID-19 has meant for home sales & prices

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What COVID-19 has meant for home sales & prices

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Subscribe to GZERO Media's newsletter: Signal

President Joe Bidenannounced earlier this week that the United States will quadruple the tariffs on electric vehicles imported from China to 100% of their value while also imposing higher duties on metals and other clean energy products.

The UN is now playing cleanup, maintaining that the overall death toll has not changed and is roughly 35,000.

Saudi Arabia is reportedly showing fresh interest in a roadmap to peace in Yemen that was iced late last year in the wake of the Oct. 7 attacks in Israel.

This overhaul marks the first major update to Europe's asylum laws in approximately two decades, aiming to replace a system that collapsed in 2015 when over a million migrants, mostly fleeing conflicts in Syria and Iraq, entered Europe.