February 2020
As we progressed through February, the actual and expected impacts of COVID-19
continued to grow, with concerns of economic impact reaching the stock market in
the last week of the month. As the stock market declined, so did mortgage rates,
offering a bad news-good news situation. While short term declines in the stock
market can sting, borrowers who lock in today’s low rates will benefit significantly in
the long term.
New Listings were up 1.0 percent to 1,288. Pending Sales increased 30.0 percent to
1,366, the eighth consecutive month of year-over-year gains. Inventory shrank 3.1
percent to 2,780 units.
Prices moved higher as Median Sales Price was up 2.5 percent to $182,500. Days
on Market increased 4.8 percent to 65 days. Months Supply of Inventory was down
8.0 percent to 2.3 months, indicating that demand increased relative to supply.
The recently released January ShowingTime Showing Index® saw a 20.2 percent
year-over-year increase in showing traffic nationwide. All regions of the country
were up double digits from the year before, with the Midwest Region up 15.7
percent and the West Region up 34.1 percent. As showing activity is a leading
indicator for future home sales, the 2020 housing market is off to a strong start,
though it will be important to watch the spread of COVID-19 and its potential
impacts to the overall economy in the coming months.
Information courtesy of CMLS*
