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August 2020 Stats

Tuesday, September 1, 2020   /   by Christopher Barca

August 2020 Stats

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The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market. New Listings decreased 4.4 percent for Single Family homes but increased 97.0 percent for Condominium homes. Pending Sales increased 26.7 percent for Single Family homes but decreased 20.0 percent for Condominium homes. Inventory decreased 25.9 percent for Single Family homes but increased 53.9 percent for Condominium homes. Median Sales Price decreased 3.2 percent to $799,000 for Single Family homes but increased 18.9 percent to $591,000 for Condominium homes. Days on Market decreased 5.1 percent for Single Family homes but increased 45.0 percent for Condominium homes. Months Supply of Inventory decreased 18.0 percent for Single Family homes but increased 97.4 percent for Condominium homes. As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

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