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Market Report - August 2020

 

Market Report - August 2020


The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.


New Listings were up 14.8 percent to 689. Pending Sales increased 43.9 percent to 688. Inventory shrank 29.0 percent to 1,618 units.


Prices moved higher as Median Sales Price was up 20.0 percent to $375,000. Days on Market increased 16.3 percent to 157 days. Months Supply of Inventory was down 39.2 percent to 3.1 months, indicating that demand increased relative to supply.


As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

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