Wednesday, April 1, 2020 / by Christopher Barca
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.
Median Sales Price increased 17.9 percent to $840,000 for Single Family homes and 9.1 percent to $555,000 for Condominium homes. Days on Market decreased 11.6 percent for Single Family homes but increased 28.0 percent for Condominium homes. Months Supply of Inventory decreased 21.7 percent for Single Family homes and 2.3 percent for Condominium 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/