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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.
Closed Sales decreased 44.5 percent for Detached homes and 49.8 percent for Attached homes. Pending Sales decreased 7.5 percent for Detached homes and 8.3 percent for Attached homes. Inventory decreased 41.9 percent for Detached homes and 21.6 percent for Attached homes.
The Median Sales Price was up 1.2 percent to $662,675 for Detached homes and 1.2 percent to $435,000 for Attached homes. Days on Market decreased 17.2 percent for Detached homes and 18.5 percent for Attached homes. Supply decreased 39.3 percent for Detached homes and 24.0 percent for Attached homes.
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.
Thanks to those who gave their lives in service to our country, thanks for their invaluable contribution.
While the stock market recovered significantly in March, the effects of COVID- 19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay at home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly. Closed Sales decreased 31.1 percent for Detached homes and 32.6 percent for Attached homes. Pending Sales decreased 40.0 percent for Detached homes and 45.2 percent for Attached homes. Inventory decreased 38.0 percent for Detached homes and 18.0 percent for Attached homes. The Median Sales Price was up 4.4 percent to $680,000 for Detached homes and 4.2 percent to $437,000 for Attached homes. Days on Market decreased 33.3 percent for Detached homes and 27.6 percent for Attached homes. Supply decreased 38.5 percent for Detached homes and 17.4 percent for Attached homes. While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.
The pandemic has put the world on pause. Should you put your real estate plans on pause, too? This article reaches a sizable online audience, so there’s not just one answer to this question. In direct conversation with you—one-on-one—this question could be answered with specific reference to your location, property, finances, and desired outcomes, but there would still not only be one answer to this question. Real estate, by its nature and its tremendous location-driven diversity, makes that question open-ended, with many possible answers:
• Each option has many perspectives.
• Each property is unique.
• The reasons homeowners love, or are ready to leave, their real estate are unique, too.
The greatest challenge can be uncovering and understanding the full range of options open to homeowners, not just during these bizarre times, but in any market—before making the decision to sell or not.
The seemingly-simple “sell or not” question can only be answered after tackling a series of other questions. Even without the pandemic, making the decision to sell your home is complex and usually involves significant emotional elements:
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