Market Update For Week Ending May 2, 2020
The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more than 3.8 million for the week ending April 25th, which continues the decline seen in recent weeks but still significantly higher than pre-pandemic levels.
SINGLE FAMILY
For the week ending May 2:
- New Listings decreased 9.4% to 349
- Pending Sales increased 10.1% to 360
- Inventory decreased 20.4% to 2,757
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
