April 2020
While the stock market recovered significantly in March, the effects of COVID-19 to
the economy continues to build. In just the last four weeks, more than 20 million
people filed initial unemployment claims according to the United States Department
of Labor, fueled by stay-at-home orders and a slowdown of economic activity across
the country. Added to the unemployment claims from March, more than 30 million
people have become unemployed since COVID-19 has become widespread in the
U.S. In the face of these challenging times, real estate activity in April slowed
significantly.
New Listings were down 18.8 percent to 1,287. Pending Sales decreased 6.6
percent to 1,292. Inventory shrank 4.4 percent to 2,702 units.
Prices moved higher as Median Sales Price was up 6.1 percent to $188,900. Days
on Market decreased 15.0 percent to 51 days. Months Supply of Inventory was
down 8.0 percent to 2.3 months, indicating that demand increased relative to
supply.
While the effect of COVID-19 continues to vary widely across the country, it is
expected that social distancing, higher unemployment, and lower overall economic
activity is likely to continue to constrain real estate activity in the near term. At the
same time, the industry is adapting to the current environment by conducting
business using technologies such as virtual showings and e-signing to help buyers
and sellers with their housing needs in the face of these challenges.
Information courtesy of CMLS*
