Thursday, July 16, 2020 / by Christopher Barca
While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers. New Listings increased 3.2 percent for Single Family homes and 18.4 percent for Condominium homes. Pending Sales increased 22.5 percent for Single Family homes but decreased 23.8 percent for Condominium homes. Inventory decreased 15.5 percent for Single Family homes but increased 15.9 percent for Condominium homes. Median Sales Price increased 1.5 percent to $761,500 for Single Family homes but decreased 9.2 percent to $503,000 for Condominium homes. Days on Market increased 28.2 percent for Single Family homes and 15.5 percent for Condominium homes. Months Supply of Inventory decreased 7.8 percent for Single Family homes but increased 37.5 percent for Condominium homes. While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.