Market Update For Week Ending July 18, 2020
The latest figures released by the Department of Commerce show total housing starts in June rose 17.3% to a seasonally adjusted annual rate of 1.19 million units, with single-family units leading the way with a 17.2% increase to a seasonally adjusted rate of 831,000 per year. With demand for housing strong across most of the nation, this increase in new construction is welcome, but will do little to significantly impact the lack of housing inventory nationwide.
For the week ending July 18:
- New Listings increased 12.8% to 343
- Pending Sales increased 47.1% to 409
- Inventory decreased 34.4% to 2,153
For the month of June:
- Median Sales Price increased 10.6% to $229,900
- Days on Market decreased 23.5% to 39
- Pct of List Price Rec’d increased 1.0% to 99.1%
- Months Supply decreased 40.0% to 1.8
