Market Trends Continue
The Housing Market Reports for May 2020 look similar to last month’s. COVID-19 continues to keep many Sellers on the sideline while Buyers are still plentiful and eager to secure housing. New listings and pendings have decreased significantly compared to May 2019 but less severely than April’s decrease. Prices continue to increase from anywhere from 2.5% to 6% over 12-month period.
Interest rates and lending
Unbelievably interest rates continue to fall which is helping Buyers qualify for larger loan amounts. There was, and still is, a fear the banks will tighten lending guidelines but so far any changes have not affected the market negatively.
Strong Seller’s Market
Most Markets are showing a 1.5 to 2.5 month supply of inventory. To put this into perspective, a healthy ‘even’ market would be 4 to 6 months supply. Of course there is a continued sense of uncertainty due to COVID-19 so we are expecting new listings to remain on the low side.
Market Reports to Ponder
Click here to see my 2 minute tutorial on to read the monthly reports. If you like numbers, you will love these reports! Here is link to April 2020 Market Reports should you want to compare and contrast.