Housing Report

While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

New listings decreased 5.3 percent for residential homes but increased 1.4 percent for townhouse/condo homes. Pending sales increased 12.6 percent for residential homes and 17 percent for townhouse/condo homes. Inventory decreased 31.3 percent for residential homes and 11.2 percent for townhouse/condo homes.

Median sales price remained flat at $235,300 for residential homes but increased 9.5 percent to $180,000 for townhouse/condo properties. Days on market increased 2.6 percent for residential homes but remained flat for townhouse/condo homes. Months supply of inventory decreased 30.0 percent for residential homes and 3.7 percent for townhouse/condo homes.

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.