As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
New Listings were down 2.3 percent to 650. Pending Sales increased 21.8 percent to 586. Inventory shrank 14.5 percent to 2,046 units.
Prices moved higher as Median Sales Price was up 7.5 percent to $322,463. Days on Market increased 11.3 percent to 148 days. Months Supply of Inventory was down 20.4 percent to 4.3 months,…
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