Weekly Real Estate Activity Report: August 31

Market Update For Week Ending August 22, 2020

New construction activity continues to show strength, reaching pre-COVID-19 levels. The latest report from the Commerce Department and U.S. Housing and Urban Development shows total housing production is up 22.6% to a seasonally adjusted annual rate of nearly 1.5 million units, the highest rate since February. Lumber prices have surged more than 110% since mid-April, adding approximately $14,000 to the typical new single-family home according to National Association of Home Builder estimates. Many are finding new construction home prices have increased in recent months from the pressures of increased costs to builders and strong consumer demand.

For the week ending August 22:

  • New Listings increased 12.6% to 339
  • Pending Sales increased 41.7% to 374
  • Inventory decreased 38.4% to 1,980

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