While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
New Listings decreased 25.0 percent for Detached homes and 9.5 percent for Attached homes. Pending Sales decreased 2.7 percent for Detached homes and 6.2 percent for Attached homes. Inventory decreased 18.5 percent for Detached homes but increased 7.8 percent for Attached homes.
Median Sales Price increased 1.0 percent to $274,823 for Detached homes but remained flat for Attached homes. Days on Market decreased 6.8 percent for Detached homes but increased 9.5 percent for Attached homes.
Months Supply of Inventory decreased 18.2 percent for Detached homes but increased 6.9 percent for Attached homes.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.