Pending sales were down -28.2% in May (compared to May 2019). This stat changed the most compared to all the other metrics, and is a reflection of the COVID-19 crisis. There are also fewer new listings, which are down -19.9% and fewer closed sales which are down -25.4%. The average sales price increased +5.1%. Although May was slower than usual, prices are still creeping up. However, inventory is down again, -19.1%. There is only a 2.3 month supply of inventory, which is extremely low. This is an indication that we are still in a strong seller's market right now, and interest rates are at all time lows!
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.is