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.
All data from Triad MLS. Report © 2020 ShowingTime.