by Wolf Richter
And it’s just the first inkling of what’s in store for home sales.
Most of the housing market data that we’re going to see over the next month or two – such as median price indices and sales volume indices — or four-plus months for the Case-Shiller Index – will reflect the era before the Covid-19 fallout. But on Tuesday last week, March 19, the real-estate world changed brutally. The five-county San Francisco Bay Area went into lockdown, followed in some form or other by the states of California, New York, New Jersey, Illinois, Indiana, Florida, Louisiana, and many others, each in its own way, more or less stringent.