June 2020
While much of the country was working on a phased reopening of the economy in
June, real estate activity continued to strengthen as well. Nationally, June showing
activity as tracked by ShowingTime was up notably from the COVID-19 depressed
levels in recent months but was also up from June 2019, reflecting pent-up demand
by prospective home buyers.
New Listings were down 1.0 percent to 1,533. Pending Sales increased 20.8 percent
to 1,622. Inventory shrank 27.6 percent to 2,098 units.
Prices moved higher as Median Sales Price was up 5.8 percent to $200,000. Days
on Market held steady at 52. Months Supply of Inventory was down 32.0 percent to
1.7 months, indicating that demand increased relative to supply.
While buyer activity continues to be robust, seller activity continues to be a bit
softer, with fewer homes being listed for sale than a year ago. Many housing experts
believe sellers remain reluctant to list their homes due to continued concerns over
COVID-19, which was beginning to see a resurgence in June. Until sellers regain
confidence, housing inventory will continue to be constrained during what is
expected to be an active summer selling season.
Information courtesy of CMLS*