Market Update For Week Ending May 23, 2020
Mortgage rates have now been below 3.30 percent for four consecutive weeks, according to the latest update from Freddie Mac. These near-record low rates have been a catalyst for the recovering buyer activity in the housing market while sellers continue to maintain a little more cautious approach.
For the week ending May 23:
- New Listings decreased 20.9% to 302
- Pending Sales increased 0.3% to 352
- Inventory decreased 23.4% to 2,524
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
