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.
Closed Sales increased 2.5 percent for single-family homes but decreased 12.1 percent for condos. Pending Sales increased 0.5 percent for singlefamily
homes but decreased 32.8 percent for condos. Inventory decreased 2.5 percent for single-family homes but increased 5.5 percent for condos.
The Median Sales Price was up 2.5 percent to $245,925 for single-family homes and 7.4 percent to $145,000 for condos. Days on Market increased 2.1
percent for single-family homes but decreased 12.2 percent for condos. Supply decreased 9.4 percent for single-family homes but increased 3.8
percent for condos.
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