In the first two weeks of March, new listings were up 5% annually on average. By the second week of April, they were down 47%, according to realtor.com.

Both homebuyer and seller demand have weakened dramatically in the last month, as Americans hunker down to help stop the spread of the coronavirus.

While some are still shopping online, doing virtual tours, the spring season was essentially over before it started. Although sales are way down, home values may not suffer as much, except in certain markets.

Home prices were very hot at the beginning of this year and heading into the crisis, and the expectation is that while the gains in values will likely slow, prices will not fall nationally. That is because unlike during the subprime mortgage crisis, when there was a serous glut of homes for sale, there is now an increasingly severe shortage. Home values fell as much as 50% in some markets a decade ago, but market dynamics are far different now, and the supply-demand imbalance favors stronger prices.

In the first two weeks of March, new listings were up 5% annually on average. By the second week of April, they were down 47%, according to realtor.com. April is usually the strongest month for new listings.