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.
• Single Family Closed Sales were down 6.8% to 5,648.
• Townhouse-Condo Closed Sales were down 4.0% to 1,741.
• Adult Communities Closed Sales were up 14.4% to 595.
• Single Family Median Sales Price increased 11.7% to $335,000.
• Townhouse-Condo Median Sales Price increased 8.3% to $276,100.
• Adult Communities Median Sales Price increased 19.6% to $224,500.
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 daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of-coronavirus/.