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.
New Listings increased 9.2 percent for Single Family homes 21.3 percent for Townhouse-Condo homes. Pending Sales increased 3.6 percent for Single Family homes but decreased 12.9 percent for Townhouse-Condo homes. Inventory increased 5.1 percent for Single Family homes and 36.6 percent for Townhouse-Condo 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/.
