Market Update For Week Ending August 1, 2020
While the Bureau of Economic Analysis reported this week that the US economy contracted at a 32.9% annual rate in Q2 2020, the housing market continues to show strength. Freddie Mac reported 30-year fixed-rate mortgages are hovering around 3% with .8 points, which is three-quarters of a percent lower than this time last year. With showing activity and pending sales still posting strong numbers, the housing market looks to continue to be a bright spot in economic activity.
For the week ending August 1:
- New Listings decreased 7.4% to 349
- Pending Sales increased 36.3% to 387
- Inventory decreased 35.8% to 2,084
For the month of July:
- Median Sales Price increased 14.1% to $230,000
- Days on Market decreased 25% to 36
- Pct of List Price Rec’d increased 0.7% to 99.1%
- Months Supply decreased 41.4% to 1.7
