June 2020 Real Estate News
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In this month’s June 2020 Real Estate News, learn more about how COVID-19 has impacted homes sales while prices remain strong. Discover four tech tools for social distancing home buyers and learn what you need to know about mortgage forebearance. Also in this issue, read about a few beautiful plants to consider and that will thrive on your porch this summer and simple home projects that won’t break the bank. All of this and more in the June 2020 Real Estate News.
COVID-19 Impacts Home Sales, but Prices Remain Strong
It should come as no surprise that existing-home sales declined in March; economists with the National Association of Realtors (NAR) expected this result due to the impact of the coronavirus outbreak. Yet, despite the uncertainty caused by the pandemic, home prices remained strong in March. The median existing-home price increased 8% year over year; what’s more, every sales region in the country reported price gains. For the past 97 consecutive months, home prices saw year-over-year increases. Lawrence Yun, chief economist for the NAR, believes the trend will continue: “More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.”
Seller Hesitation Leads to Low Inventory
By the end of March, there were 1.5 million unsold units on the housing market, up 2.7% from a month earlier, but down 10.2% from March 2019’s inventory tally of 1.67 million units. At the current sales pace, unsold inventory would supply the market for only 3.4 months. The average property was on the market for just 29 days in March, down from 36 days both a month ago and a year ago. Of all the homes sold in March, 52% were on the market for less than a month. According to Yun, “Earlier in the year, we watched inventory gradually tick upward, but with the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices.” In the short term, inventory is likely to remain low, but economists feel more listings will become available once the economy reopens.
April 2020 Real Estate News
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