Market Update For Week Ending August 8, 2020
As the major stock market indexes continue to be at or near record highs, we find the housing market in high demand as well. Mortgage rates are still at or near record lows and home buyer activity remains strong. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing market, healthy housing demand fundamentals today will create significant tailwinds in the near term.
For the week ending August 8:
- New Listings increased 12.9% to 351
- Pending Sales increased 49.2% to 394
- Inventory decreased 36.7% to 2,078
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