Housing Market Update for March 2020
Prior to experiencing the full economic impact of the coronavirus, the residential housing market was mixed on both a nationwide and local basis. While prices continue to improve, there is evidence that overall activity is withering which will have a significant affect on the market in the coming months.
The National Housing Market
According to the National Association of Realtors, existing home sale transactions on a nationwide basis fell in March by 8.5% (month-over-month) to a seasonally-adjusted annual rate of 5.27 million units.
While home sales have declined, prices have remained strong with the national median home price reported to be $280,600. This is up 8.0% from March 2019 and this increase marks 97 straight months of year-over-year gains.
Total housing inventory was up approximately 2.7% from February 2020 to 1.5 million units. Unsold inventory equates to a 3.9-month supply at the current sales rate which is down from 4.1 months as reported for the month of September.