March 2020
As COVID-19’s impact spread across the country in March, the stock market
declines started in February accelerated downward before recovering a bit in the
last week of the month. With volatility across all the financial markets, lenders began
tightening underwriting standards and some buyers found they no longer were
approved for a loan. Massive layoffs also shook the economy with 3.28 million initial
jobless claims filed in a single week—the highest in history more than four times
over.
New Listings were up 16.0 percent to 1,843. Pending Sales increased 4.8 percent to
1,454. Inventory shrank 0.5 percent to 2,819 units.
Prices moved higher as Median Sales Price was up 9.8 percent to $189,900. Days
on Market held steady at 59 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 is varied throughout the country, we are likely to see
impacts to housing activity now and into the coming months. Its continued spread is
leading many companies and consumers to change their daily activities.
ShowingTime is closely monitoring the situation and releasing daily updates on
changes in showing activity. See national and state showing activity trends at
Impact of Coronavirus.
Information courtesy of CMLS*
