Sunday, March 1, 2020 / by Christopher Barca
As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
New Listings decreased 17.9 percent for Single Family homes and 5.6 percent for Condominium homes. Pending Sales increased 18.8 percent for Single Family homes and 21.1 percent for Condominium homes. Inventory decreased 14.0 percent for Single Family homes and 22.8 percent for Condominium homes.
Median Sales Price decreased 5.4 percent to $747,150 for Single Family homes but increased 5.7 percent to $555,000 for Condominium homes. Days on Market decreased 22.7 percent for Single Family homes and 9.1 percent for Condominium homes. Months Supply of Inventory decreased 20.7 percent for Single Family homes and 20.9 percent for Condominium homes.
The recently released January Showing Time Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.