About three out of four potential home sellers are waiting for stay-at-home orders prompted by the COVID-19 pandemic to be relaxed before listing their property for sale, according to a recent survey by the National Association of Realtors.

In an Economic Pulse Flash Survey conducted between May 3 and 4, the organization polled 2,500 members to see how the coronavirus and associated steps to contain its spread have affected their business. Seventy-seven percent said they are working with clients who are interested in selling their home but want to wait until after stay-at-home orders end.

"After a pause, home sellers are gearing up to list their properties with the reopening of the economy," says Lawrence Yun, chief economist at the National Association of Realtors. "Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years."

The Weekly Housing Market Monitor from the National Association found that new listings and sales were down considerably. In the four weeks ending May 3, new listings were 41 percent below the same time in the previous year while sales contracts fell by one-third.

At the same time, sellers were continuing to enjoy healthy profits. The median sales price for a home in the United States was up 8 percent from the previous year. The average home sold during this period found a buyer in 30 days, six days faster than the previous year. The report also said there has been little delay in closings, with the typical contract closing taking 38 days.

A previous survey by the National Association of Realtors found that three-quarters of members were reporting that sellers were holding firm on their asking prices instead of reducing them.

Half of the respondents in the Economic Pulse Flash Survey said potential sellers are working on do-it-yourself home improvement projects in the interim. Twenty-nine percent said potential sellers are conducting online searches for their next home, while 23 percent said they are working on getting pre-approved for a mortgage and 22 percent said they are gathering paperwork or researching the home sales process.

A small share of respondents—13 percent—said buyers have changed their search criteria as a result of the pandemic. Some features that increased in popularity included a home office, yard, or space to accommodate an older adult, new baby, or pet. Five percent said they are working with a buyer who has opted to change their preferred neighborhood from an urban area to a suburb.

Interest in open houses was down, with the number of people searching for this option down 67 percent year-over-year. However, interest had increased in the last week of the survey compared to the week before.