Market Update For Week Ending May 16, 2020
More than 4.1 million homeowners are now in mortgage forbearance plans, according to the Mortgage Bankers Association’s latest survey. Homeowners affected by COVID-19 with a federally backed home loan can delay mortgage payments for up to a year as part of the CARES Act passed by Congress. While the latest numbers are an increase from last week, it was the smallest increase since March 10th.
For the week ending May 9:
- New Listings decreased 12.2% to 359
- Pending Sales increased 41.6% to 405
- Inventory decreased 21.0% to 2,582
For the month of April:
- Median Sales Price increased 15.9% to $219,000
- Days on Market decreased 16.1% to 47
- Pct of List Price Rec’d increased 0.4% to 98.7%
- Months Supply decreased 30.0% to 2.1
