Market Update For Week Ending June 6, 2020
Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.
For the week ending June 6:
- New Listings decreased 3.7% to 336
- Pending Sales increased 32.4% to 396
- Inventory decreased 27.5% to 2,388
For the month of May:
- Median Sales Price increased 12.5% to $223,900
- Days on Market decreased 21.1% to 45
- Pct of List Price Rec’d increased 0.8% to 98.8%
- Months Supply decreased 33.3% to 2.0
