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Far Fewer Homes Are For Sale In LA, But Virtual Tours Are Up 400%

A for sale sign last March in Monterey Park. (Frederic J. Brown / Getty Images)
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One part of the economy feeling the effects of the pandemic is real estate. According to new data from the listing service Zillow, the market has significantly slowed during the fallout from coronavirus.

Zillow economist Jeff Tucker says new listings in Los Angeles are just a quarter of what they were a year ago.

Sellers have definitely gotten the memo that hey, buyers are kind of pulling back right now. And now sellers are pulling back. Everyone's kind of taking a wait and see approach to see you know, just how much economic damage is going to be caused, how long is it going to last.

The national average of new Zillow listings is just a couple of percentage points behind the L.A. area. Virtual home-tours however are up more than 400%.

Tucker says property prices have stayed the same so far, and with L.A.'s highly competitive housing market, it would take a big dent such as mass foreclosures to significantly lower the market.

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