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 four percent nationally versus a year ago in the final week of May.

New listings decreased 22.2 percent for residential homes and 21.8 percent for townhouse/condo homes. Pending sales decreased 8.4 percent for residential homes and 20.4 percent for townhouse/condo homes. Inventory decreased 26.9 percent for residential homes and 8.5 percent for townhouse/condo homes.

Median sales price remained flat at $220,000 for residential homes but increased one percent to $171,700 for townhouse/condo properties. Days on market decreased 18.2 percent for residential homes and 14 percent for townhouse/condo homes. Months supply of inventory decreased 24.1 percent for residential homes but increased 3.8 percent for townhouse/condo homes.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.