LK Marketing and Real Estate

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By

Lori Konomos

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May 2020 Real Estate Market Update

While the effects of COVID-19 in the broader economy continue, real estateactivity is beginning to recover across much of the country. According toFreddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus…

While the effects of COVID-19 in the broader economy continue, real estate
activity is beginning to recover across much of the country. According to
Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.

Highlights from the May data include:  

  • May 2020 average sales price for new & existing homes combined ($257,937) is 1.6 percent higher than May 2019.
  • There were 3,301 home sales (new & existing combined) for May 2020, which is 23.9 percent lower than last May (4,335).
  • Home inventory (new & existing combined) for May 2020 (5,485) is 37.7 percent lower compared to May 2019 (8,806).
  • The supply of new and existing homes for May 2020 is currently 1.6 months. 

Average Sales Price by County

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