Local market update april 24 - april 30

As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over. Closed Sales decreased 6.2 percent for Detached homes but increased 2.6 percent for Attached homes. Pending Sales decreased 17.7 percent for Detached homes and 22.1 percent for Attached homes. Inventory decreased 37.0 percent for Detached homes and 22.6 percent for Attached homes. The Median Sales Price was up 8.0 percent to $680,000 for Detached homes and 8.1 percent to $454,000 for Attached homes. Days on Market decreased 25.7 percent for Detached homes and 31.4 percent for Attached homes. Supply decreased 40.0 percent for Detached homes and 26.1 percent for Attached homes. While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/

Copyright 2020 SDMLS Data is deemed reliable but not verified or guaranteed.

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