Market Recap, August 2020
Pending Sales up 27%, Median Selling Price up 14.5%, Supply Down 50%, and Interest rates remain near all time lows. It's still cheaper to buy than rent! Download the full report.
The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
Closed Sales increased 3.0 percent for Detached homes and 6.0 percent for Attached homes. Pending Sales increased 23.5 percent for Detached homes and 27.8 percent for Attached homes. Inventory decreased 52.0 percent for Detached homes and 30.2 percent for Attached homes.
The Median Sales Price was up 14.5 percent to $750,000 for Detached homes and 9.2 percent to $475,000 for Attached homes. Days on Market decreased 27.3 percent for Detached homes and 19.4 percent for Attached homes. Supply decreased 50.0 percent for Detached homes and 34.6 percent for Attached homes.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.