July 2020
Healthy buyer demand and constrained supply continue to be the story for much of
the country. Nationally, showing activity in July remained substantially higher than a
year before and multiple offer situations are a frequent experience in many markets.
With the inventory of homes for sale still constrained, a competitive market for
buyers shows little sign of waning.
New Listings were down 2.3 percent to 1,611. Pending Sales increased 18.5 percent
to 1,617. Inventory shrank 31.4 percent to 2,009 units.
Prices moved higher as Median Sales Price was up 11.4 percent to $208,300. Days
on Market decreased 4.1 percent to 47 days. Months Supply of Inventory was down
32.0 percent to 1.7 months, indicating that demand increased relative to supply.
While the number of unemployment insurance weekly initial claims have been far
lower in recent weeks than their peak in March and April, more than 1 million new
claims are still being filed each week and more 31 million were claiming benefits in
all programs as of early July, compared to fewer than 2 million in July 2019. Despite
this significant economic impact, home buyers remain extremely resilient. With
mortgage rates remaining near record-low levels and home purchase mortgage
applications up from a year ago, high buyer activity is expected to continue into the
late summer and early fall market.
Information courtesy of CMLS*
