Real Estate Props Up Economy
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.
• Single Family Closed Sales were up 2.2 percent to 8,842.
• Townhouse-Condo Closed Sales were down 9.9 percent to 2,135.
• Single Family Median Sales Price increased 8.6 percent to $380,000.
• Townhouse-Condo Median Sales Price decreased 3.1 percent to $267,500.
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.