The ban on traditional auctions, and the shift to online, has decimated the nation’s auction markets, generated clearance rates not seen since the lows of the 2018 bear market.
According to CoreLogic, the preliminary national auction clearance rate plummeted to only 51.4% from 61.3% last weekend and only a smidgen above the 50.9% final clearance rate recorded in the same weekend last year:
Given these are preliminary rates only, and there are a significant numbers of actions yet to be counted (but also many withdrawn). Thus, we could see the final auction clearance rate fall further:
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