Real Estate Rundown June 2020
June 01, 2020
In May, the real estate market showed signs of recovery from the COVID-19 pandemic. Here are some hopeful headlines and news for movers to be optimistic about.
According to Realtor.com, homes are spending roughly 15 more days on the market compared to last year. Retarget these homes with pending leads!
Zillow surveyed Americans working from home and found that a majority would consider moving if they continued to telecommute for work. The nearby suburbs would offer affordability, larger homes, and the ability to commute into a city if necessary. If you aren’t currently, consider mailing to homeowners in a larger city near you.
Check out these graphs of the difference in new listings and pending sales year-over-year in cities near you.
Homes are Still In Demand by Buyers:
- Mortgage Applications in U.S. Uptick in Late May
Buyers are getting back into the home search as purchase applications increased nine percent during the week ending May 22, 2020.
- More good news for May: newly pending sales up almost 50% from same period in April
The number of new pending sales began to recover in May, particularly in Ohio and Texas metros.
- Prices Strong Despite Lockdowns Hindering April Sales
The median home price increased in May because of the more limited availability of homes during the lockdown and continuing demand from buyers.