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Real Estate Market Update July 2020

By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.

As we enter the 2nd half of 2020, most states are gradually reopening businesses and pent-up demand for housing is driving a busier than usual summer. Buyers and sellers are cautiously re-entering the real estate market, and with their return, here are some trends we tracked this past week.

Mortgage rates. Compared to the previous week, mortgage rates were flat but remain at all-time lows, allowing buyers to purchase more home for their money.

Stock market. The Dow remained volatile, but it was down by week’s end, due to the rise in the number of reported coronavirus cases.

Unemployment claims. Although 1.48 million people applied for unemployment, there’s been a steady decline of claims for 12 consecutive weeks.

On the real estate side, year-over-year listings were flat, but new contracts increased by double-digits. Home showings were over 30% greater compared to the same week in 2019, demonstrating high consumer demand for housing.

Window of opportunity. Historically, national elections bring uncertainty that can lead to a slight lull in real estate the fall before that election. If you’re thinking about buying or selling a home, the time to do so is now.

As usual, the health and safety of our clients is our priority. Our virtual buying and selling programs continue to lead our customers on their journeys home. If you’d like to know more about how we can help you, virtually or in person, with your home-buying or selling needs, a Fonville Morisey agent is ready to assist you.