Prices Strong Despite Lockdowns Hindering April Sales

May 21, 2020

The latest existing-home sales numbers show a housing market facing the headwinds of the COVID-19 pandemic in April. Existing-home sales fell 17.8% last month compared to March, marking a two-month decline in sales, the National Association of REALTORS® reported Thursday.

Still, home prices remain resilient in the face of the pandemic. The median existing-home price for all housing types in April jumped 7.4% compared to a year ago ($286,800). All four major regions of the U.S. saw annual gains in home prices, too.

But total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and co-ops—fell to a seasonally adjusted annual rate of 4.33 million in April. Sales were down 17.2% compared to a year ago (5.23 million existing-home sales in April 2019). Existing-home sales are at the lowest level since July 2010

“The economic lockdowns—occurring from mid-March through April in most states—have temporarily disrupted home sales,” says Lawrence Yun, NAR’s chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.”

Record low mortgage rates likely will be a key factor in driving housing demand as state economies gradually reopen, Yun adds. “Still, more listings and increased home construction will be needed to tame price growth,” he notes.

Here is an overview of additional key indicators from NAR’s latest housing report:

• Inventory: Total housing inventory at the end of April was 1.47 million units, down 19.7% from a year ago. Unsold inventory is currently at a 4.1-month supply at the current sales pace.

• Days on the market: Properties typically stayed on the market for 27 days in April, up from 24 days a year ago. Fifty-six percent of homes sold in April were on the market for less than a month.

• First-time home buyers: More sales last month were from buyers who were purchasing their first home. First-time buyers accounted for 36% of sales in April, up from 32% a year ago.

• All-cash sales: All-cash sales comprised 15% of transactions in April, down from 20% a year ago. Individual investors and second-home buyers, who make up the biggest bulk of cash sales, purchased 10% of homes in April, down from 16% in April 2019.

• Distressed sales: Foreclosures and short sales represented 3% of sales in April, which is about the same as a year ago.

Regional Breakdown

The following is a closer look at how existing-home sales fared across the country in April:

• Northeast: Existing-home sales dropped 16.9% in April to an annual rate of 540,000—an 18.2% decrease compared to a year ago. Median price: $312,500, up 8.7% from April 2019.

• Midwest: Existing-home sales fell 12% to an annual rate of 1.10 million—an 8.3% decrease compared to a year ago. Median price: $229,200, a 9.3% increase compared to April 2019.

• South: Existing-home sales dropped 17.9% to an annual rate of 1.88 million in April, down 16.8% from the same time a year ago. Median price: $249,400, a 6.4% increase compared to April 2019.

• West: Existing-home sales dropped 25% to an annual rate of 810,000 in April—a 27% decrease compared to April 2019. Median price: $419,300, up 6.1% from a year ago.

Original article found atRealtor

What’s the Market Saying?

Greetings from HWMY!

I wanted to share some information and focus on the positive. The first chart below regarding closed sales from March 2019 to March 2020 are up almost 6%. This is great information I wanted to share with you all! The average Sales Price is up 9.7% from 2019. The days on the market is better also by 15.8%.

Take a peek. Let me know if you have any questions. And remember, “To Sell or Buy, ALWAYS Call Homes With TeamMY, (619) 887 - 4969 (HWMY)!”

Be Well!

MY

'Tis the Season To Sell! Why You Should Keep Your Home On the Market

Happy Thanksgiving HWMY Readers,

Here’s a dilemma faced by many sellers right now: do I continue to sell or pull my home off the market until after the holidays? Well here are six reasons why you should keep your home listed and why this time for selling can actually be ideal!

#1 When people pull their listing now, yours automatically rises to the top! And that means less competition and more buyers to see your home.

#2 What DO the holidays smell like? Well pies, cakes, yummy dinners and all the fixings of course! On top of all the decorations, believer it or not, homes actually show better during this time of the year because of the holiday cheer. And why wouldn’t those warm and fuzzy feeling translate to an easy escrow?

#3 Because of the holidays, buyers tend to be very serious and want quicker escrows. This makes sense, why not enjoy the gift of your new home for the holidays?

#4 And on that note, kids are out of school during this time which makes it a lot easier for families, both from and out-of-town, to look at homes together. Decisions are made faster if all family members are present and that means a faster sell for you!

#5 Since volume trends lower during December, that can translate to a faster escrow too. Title and escrow officers are celebrating and waiting for your escrow to keep them busy. So let’s not disappoint them.

#6 Lastly if your home hasn’t sold before the holidays, take this time to adjust your marketing plan to sell now. Taking fresh approach and updating your plan can make your property trend again, getting a second wind so to speak. This can make the difference between your home sitting and selling.

So if you are on the fence about whether to sell or hold off, I hope these points help you make the best decision for you and your family. And remember, To Sell or Buy, ALWAYS Call Homes With MY (619) 887 - 4969 (HWMY)!

Yours Truly, MY

This article was originally titled, “'Tis the Season (to Sell): 6 Reasons You Shouldn’t Take Your Home Off the Market for the Holidays,”and written by Wendy Helfenbaum on 11/14/18.

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If your agent is working hard for you, then they would insist on you having financing in place before showing the very first home to you. Why? What happens if you fall in love with a home you’ve just seen but someone else is there who is preapproved and loves the house too. Guess who wins the bid? Let’s win together! To Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!

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Do you know what makes the American Dream Home? Well, we asked a few millennials what they thought and the answer will surprise you! Read below and find out what they think. And remember, to Sell or Buy, ALWAYS Call Homes With MY 619-887-4969 (HWMY)!

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Pool Care Mistakes, Are You Making Them?

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Are you making pool care mistakes that are potentially dangerous? Don’t worry! Help is below. Take a look at the simple things pool owners can do to make pool time the most enjoyable time of the day! And remember, to Sell or Buy, ALWAYS Call Homes with MY 619-887-4969 (HWMY)!

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