Market Update For Week Ending April 25, 2020
While the initial unemployment insurance claims number was down from last week, claims remain at a high level with over 4.4 million people filing for the first time in the latest Department of Labor report. Weekly initial claims are likely to continue to decrease in coming weeks while still remaining significantly elevated. Mortgage rates have stabilized over the last few weeks at nearly three-quarters of a percent lower than a year ago, while showing activity nationwide has increased 39% in the last two weeks as agents and consumers are adapting to the new environment, including using virtual showings in many cases.
SINGLE FAMILY
For the week ending April 25:
- New Listings decreased 6.7% to 322
- Pending Sales increased 18.9% to 352
- Inventory decreased 19.3% to 2,615
For the month of March:
- Median Sales Price increased 12.0% to $214,999
- Days on Market decreased 26.5% to 50
- Pct of List Price Rec’d increased 0.3% to 98.3%
- Months Supply decreased 24.1% to 2.2
