May 2020
While the effects of COVID-19 in the broader economy continue, real estate activity
is beginning to recover across much of the country. According to Freddie Mac,
mortgage rates have been below 3.3 percent for more than four weeks and are
hovering near all-time lows, spurring strong interest by buyers and lifting showing
activity up 4% nationally versus a year ago in the final week of May.
New Listings were down 16.2 percent to 1,459. Pending Sales increased 13.1
percent to 1,632. Inventory shrank 20.3 percent to 2,350 units.
Prices moved higher as Median Sales Price was up 6.4 percent to $200,000. Days
on Market decreased 7.7 percent to 48 days. Months Supply of Inventory was
down 23.1 percent to 2.0 months, indicating that demand increased relative to
supply.
Buyers have been quicker to return to the housing market in force than sellers,
who have been showing a bit more reluctance to list their homes than is typical for
this time of year. But trends are improving and as states and localities continue to
moderate their COVID-19 policies, real estate activity is expected to continue to
improve in the coming weeks.
Information courtesy of CMLS*
