Pending sales were only down -11.4% in June (compared to June 2019). However, new listings, which had been going down, went up +4.4% which is a good sign. The average sales price increased +4.1%. However, inventory is down again, a whopping -24.5%. This stat changed more than any other. There is only a 2.1 month supply of inventory, which is extremely low, and mainly due to COVID-19.
June activity was notably stronger than previous months when we were shut down, reflecting pent-up demand by prospective home buyers. While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.