September 2020 Market Update

Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

Closed Sales increased 7.0 percent for existing homes and 40.1 percent for new homes. Pending Sales increased 11.1 percent for existing homes and 72.1 percent for new homes. Inventory decreased 47.1 percent for existing homes and 34.9 percent for new homes. The Median Sales Price was up 9.3 percent to $234,950 for existing homes but remained flat at $384,900 for new homes. Days on Market decreased 9.4 percent for existing homes but increased 3.4 percent for new homes. Supply decreased 50.0 percent for existing homes and 40.0 percent for new homes.

 

While the number of unemployment insurance weekly initial claims has been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, homebuyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.

 

For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS