Saturday, August 1, 2020 / by Christopher Barca
Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning. New Listings decreased 9.4 percent for Single Family homes but increased 16.2 percent for Condominium homes. Pending Sales decreased 5.5 percent for Single Family homes and 29.4 percent for Condominium homes. Inventory decreased 14.7 percent for Single Family homes but increased 27.4 percent for Condominium homes. Median Sales Price decreased 1.3 percent to $777,595 for Single Family homes but increased 1.5 percent to $502,530 for Condominium homes. Days on Market increased 13.0 percent for Single Family homes and 7.4 percent for Condominium homes. Months Supply of Inventory decreased 4.0 percent for Single Family homes but increased 60.0 percent for Condominium homes. While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.