The following Real Estate statistics were collected by MLSOK, Inc., for the time frame July 1 through July 31, 2020.
With most of the country continuing on a phased reopening of the economy in July, real estate activity continued to strengthen as well.
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 increased 14.8 percent for Single Family homes but remained flat for Townhouse-Condo homes.
Pending Sales increased 32.7 percent for Single Family homes and 37.0 percent for Townhouse-Condo homes.
Inventory decreased 17.7 percent for Single Family homes but increased 20.3 percent for Townhouse-Condo Homes.
Month’s Supply of Inventory decreased 23.1 percent for Single Family homes and 17.9 percent for Townhouse-Condo homes.
Median Sales Price increased 10.8 percent to $204,900 for Single Family homes and 16.9 percent to $127,750 for Townhouse-Condo homes.
Days on Market decreased 2.7 percent for Single Family homes but increased 29.3 percent for Townhouse-Condo home
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.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
