Real Estate Transactions Plunge in April Due to COVID-19
Highlights are as follows:
- Existing single family home sales under $100,000 and over $1 million were down by more than 30%.
- Single family residential inventory levels have declined by approximately 20% as home sellers removed properties from the market.
- Median home prices across all housing types rose by 7.4% with gains shown in every region (98 straight months of year-over-year gains).
- Office and industrial transactions were off by 60% (year-over-year).
- Hotel sale transactions were virtually non-existent during April, down by 98%.
- Commercial property prices have risen by 6.5% year-over-year.